Homework Help: Algebra Word Problem Help

Posted by Carmin on Tuesday, August 4, 2009 at 12:29am.

In 1626, Peter Minuit of the Dutch West Indies purchased Manhattan Island from the Native Americans for $24. Assuming an exponential rate of inflation of 6% per year, how much will Manhattan Island be worth in 2010?

Algebra Word Problem Help - drwls, Tuesday, August 4, 2009 at 2:00am
The year 2019 is 384 years later.
The value after that many years at a 6% appreciation rate is
24*(1.06)^384 = 125 billion dollars

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