SlideShare a Scribd company logo
1 of 1
Download to read offline
In 1626, Dutchman Peter Minuit purchased Manhattan Island from a local Native American
tribe. Historians estimate that the price he paid for the island was about $24 worth of goods,
including beads, trinkets, cloth, kettles, and axe heads. Many people find it laughable that
Manhattan Island would be sold for $24, but you need to consider the future value (FV) of that
price in more current times. If the $24 purchase price could have been invested at a 5.25%
annual interest rate, what is its value as of 2012 (386 years later)?

More Related Content

More from adhityalapcare

In 2015 - the Hawai'i State Legislature passed a bill that sets a goal.pdf
In 2015 - the Hawai'i State Legislature passed a bill that sets a goal.pdfIn 2015 - the Hawai'i State Legislature passed a bill that sets a goal.pdf
In 2015 - the Hawai'i State Legislature passed a bill that sets a goal.pdf
adhityalapcare
 
If you wanted to know which strains of rhizobia were present in a plot.pdf
If you wanted to know which strains of rhizobia were present in a plot.pdfIf you wanted to know which strains of rhizobia were present in a plot.pdf
If you wanted to know which strains of rhizobia were present in a plot.pdf
adhityalapcare
 

More from adhityalapcare (20)

In 2015 - the Hawai'i State Legislature passed a bill that sets a goal.pdf
In 2015 - the Hawai'i State Legislature passed a bill that sets a goal.pdfIn 2015 - the Hawai'i State Legislature passed a bill that sets a goal.pdf
In 2015 - the Hawai'i State Legislature passed a bill that sets a goal.pdf
 
In 2015- Los Angeles sued Wells Fargo for unethical customer conduct-.pdf
In 2015- Los Angeles sued Wells Fargo for unethical customer conduct-.pdfIn 2015- Los Angeles sued Wells Fargo for unethical customer conduct-.pdf
In 2015- Los Angeles sued Wells Fargo for unethical customer conduct-.pdf
 
In 2001- the federal government enacted a law that forbade any student.pdf
In 2001- the federal government enacted a law that forbade any student.pdfIn 2001- the federal government enacted a law that forbade any student.pdf
In 2001- the federal government enacted a law that forbade any student.pdf
 
In 2000 - the CPI was 152-5- and the price of an economics textbook wa.pdf
In 2000 - the CPI was 152-5- and the price of an economics textbook wa.pdfIn 2000 - the CPI was 152-5- and the price of an economics textbook wa.pdf
In 2000 - the CPI was 152-5- and the price of an economics textbook wa.pdf
 
In 1994- 52- of parents with children in high school felt that it was.pdf
In 1994- 52- of parents with children in high school felt that it was.pdfIn 1994- 52- of parents with children in high school felt that it was.pdf
In 1994- 52- of parents with children in high school felt that it was.pdf
 
In 1945- the United Nation was formed to replace _____- Responses- NAT.pdf
In 1945- the United Nation was formed to replace _____- Responses- NAT.pdfIn 1945- the United Nation was formed to replace _____- Responses- NAT.pdf
In 1945- the United Nation was formed to replace _____- Responses- NAT.pdf
 
imported a data file with 7 variables how can i take two variables cal.pdf
imported a data file with 7 variables how can i take two variables cal.pdfimported a data file with 7 variables how can i take two variables cal.pdf
imported a data file with 7 variables how can i take two variables cal.pdf
 
Imagine that you are an environmental scientist who has been hired to.pdf
Imagine that you are an environmental scientist who has been hired to.pdfImagine that you are an environmental scientist who has been hired to.pdf
Imagine that you are an environmental scientist who has been hired to.pdf
 
ILLUSTRATION 21 P Company Pro Forma Balance Sheet Giving Effect to Pro.pdf
ILLUSTRATION 21 P Company Pro Forma Balance Sheet Giving Effect to Pro.pdfILLUSTRATION 21 P Company Pro Forma Balance Sheet Giving Effect to Pro.pdf
ILLUSTRATION 21 P Company Pro Forma Balance Sheet Giving Effect to Pro.pdf
 
Ifyou have an embryo composed of multiple layers of cells- You examine.pdf
Ifyou have an embryo composed of multiple layers of cells- You examine.pdfIfyou have an embryo composed of multiple layers of cells- You examine.pdf
Ifyou have an embryo composed of multiple layers of cells- You examine.pdf
 
If you have the following resources- a- Programmer analyst b- Software.pdf
If you have the following resources- a- Programmer analyst b- Software.pdfIf you have the following resources- a- Programmer analyst b- Software.pdf
If you have the following resources- a- Programmer analyst b- Software.pdf
 
If you went for a walk and saw a a Boreal Chickadee- a Fisher- a Pied-.pdf
If you went for a walk and saw a a Boreal Chickadee- a Fisher- a Pied-.pdfIf you went for a walk and saw a a Boreal Chickadee- a Fisher- a Pied-.pdf
If you went for a walk and saw a a Boreal Chickadee- a Fisher- a Pied-.pdf
 
II- Pre-Colonial Haiti (before 1492) a- Pre-Colonial and Colonial Era.pdf
II- Pre-Colonial Haiti (before 1492) a- Pre-Colonial and Colonial Era.pdfII- Pre-Colonial Haiti (before 1492) a- Pre-Colonial and Colonial Era.pdf
II- Pre-Colonial Haiti (before 1492) a- Pre-Colonial and Colonial Era.pdf
 
II- Let A-B- and C be sets- Show that A(BC)-CB)A- using set identities.pdf
II- Let A-B- and C be sets- Show that A(BC)-CB)A- using set identities.pdfII- Let A-B- and C be sets- Show that A(BC)-CB)A- using set identities.pdf
II- Let A-B- and C be sets- Show that A(BC)-CB)A- using set identities.pdf
 
iii) Find the normal vector to the plane that passes through the point.pdf
iii) Find the normal vector to the plane that passes through the point.pdfiii) Find the normal vector to the plane that passes through the point.pdf
iii) Find the normal vector to the plane that passes through the point.pdf
 
Ihat is true about the hypothesis for how the mimivirus evolved from p.pdf
Ihat is true about the hypothesis for how the mimivirus evolved from p.pdfIhat is true about the hypothesis for how the mimivirus evolved from p.pdf
Ihat is true about the hypothesis for how the mimivirus evolved from p.pdf
 
IgM is the antibody associated with Type I hypersensitivities and will.pdf
IgM is the antibody associated with Type I hypersensitivities and will.pdfIgM is the antibody associated with Type I hypersensitivities and will.pdf
IgM is the antibody associated with Type I hypersensitivities and will.pdf
 
Ificreases genetic diversity within a popedlation Defined as the rando.pdf
Ificreases genetic diversity within a popedlation Defined as the rando.pdfIficreases genetic diversity within a popedlation Defined as the rando.pdf
Ificreases genetic diversity within a popedlation Defined as the rando.pdf
 
Ifentifying Variables in Scientific Experiments Name- Tonya and Dylan.pdf
Ifentifying Variables in Scientific Experiments Name- Tonya and Dylan.pdfIfentifying Variables in Scientific Experiments Name- Tonya and Dylan.pdf
Ifentifying Variables in Scientific Experiments Name- Tonya and Dylan.pdf
 
If you wanted to know which strains of rhizobia were present in a plot.pdf
If you wanted to know which strains of rhizobia were present in a plot.pdfIf you wanted to know which strains of rhizobia were present in a plot.pdf
If you wanted to know which strains of rhizobia were present in a plot.pdf
 

Recently uploaded

Salient Features of India constitution especially power and functions
Salient Features of India constitution especially power and functionsSalient Features of India constitution especially power and functions
Salient Features of India constitution especially power and functions
KarakKing
 

Recently uploaded (20)

80 ĐỀ THI THỬ TUYỂN SINH TIẾNG ANH VÀO 10 SỞ GD – ĐT THÀNH PHỐ HỒ CHÍ MINH NĂ...
80 ĐỀ THI THỬ TUYỂN SINH TIẾNG ANH VÀO 10 SỞ GD – ĐT THÀNH PHỐ HỒ CHÍ MINH NĂ...80 ĐỀ THI THỬ TUYỂN SINH TIẾNG ANH VÀO 10 SỞ GD – ĐT THÀNH PHỐ HỒ CHÍ MINH NĂ...
80 ĐỀ THI THỬ TUYỂN SINH TIẾNG ANH VÀO 10 SỞ GD – ĐT THÀNH PHỐ HỒ CHÍ MINH NĂ...
 
REMIFENTANIL: An Ultra short acting opioid.pptx
REMIFENTANIL: An Ultra short acting opioid.pptxREMIFENTANIL: An Ultra short acting opioid.pptx
REMIFENTANIL: An Ultra short acting opioid.pptx
 
SOC 101 Demonstration of Learning Presentation
SOC 101 Demonstration of Learning PresentationSOC 101 Demonstration of Learning Presentation
SOC 101 Demonstration of Learning Presentation
 
How to setup Pycharm environment for Odoo 17.pptx
How to setup Pycharm environment for Odoo 17.pptxHow to setup Pycharm environment for Odoo 17.pptx
How to setup Pycharm environment for Odoo 17.pptx
 
Sociology 101 Demonstration of Learning Exhibit
Sociology 101 Demonstration of Learning ExhibitSociology 101 Demonstration of Learning Exhibit
Sociology 101 Demonstration of Learning Exhibit
 
HMCS Vancouver Pre-Deployment Brief - May 2024 (Web Version).pptx
HMCS Vancouver Pre-Deployment Brief - May 2024 (Web Version).pptxHMCS Vancouver Pre-Deployment Brief - May 2024 (Web Version).pptx
HMCS Vancouver Pre-Deployment Brief - May 2024 (Web Version).pptx
 
Fostering Friendships - Enhancing Social Bonds in the Classroom
Fostering Friendships - Enhancing Social Bonds  in the ClassroomFostering Friendships - Enhancing Social Bonds  in the Classroom
Fostering Friendships - Enhancing Social Bonds in the Classroom
 
Food safety_Challenges food safety laboratories_.pdf
Food safety_Challenges food safety laboratories_.pdfFood safety_Challenges food safety laboratories_.pdf
Food safety_Challenges food safety laboratories_.pdf
 
On National Teacher Day, meet the 2024-25 Kenan Fellows
On National Teacher Day, meet the 2024-25 Kenan FellowsOn National Teacher Day, meet the 2024-25 Kenan Fellows
On National Teacher Day, meet the 2024-25 Kenan Fellows
 
HMCS Max Bernays Pre-Deployment Brief (May 2024).pptx
HMCS Max Bernays Pre-Deployment Brief (May 2024).pptxHMCS Max Bernays Pre-Deployment Brief (May 2024).pptx
HMCS Max Bernays Pre-Deployment Brief (May 2024).pptx
 
Exploring_the_Narrative_Style_of_Amitav_Ghoshs_Gun_Island.pptx
Exploring_the_Narrative_Style_of_Amitav_Ghoshs_Gun_Island.pptxExploring_the_Narrative_Style_of_Amitav_Ghoshs_Gun_Island.pptx
Exploring_the_Narrative_Style_of_Amitav_Ghoshs_Gun_Island.pptx
 
Understanding Accommodations and Modifications
Understanding  Accommodations and ModificationsUnderstanding  Accommodations and Modifications
Understanding Accommodations and Modifications
 
Key note speaker Neum_Admir Softic_ENG.pdf
Key note speaker Neum_Admir Softic_ENG.pdfKey note speaker Neum_Admir Softic_ENG.pdf
Key note speaker Neum_Admir Softic_ENG.pdf
 
Salient Features of India constitution especially power and functions
Salient Features of India constitution especially power and functionsSalient Features of India constitution especially power and functions
Salient Features of India constitution especially power and functions
 
2024-NATIONAL-LEARNING-CAMP-AND-OTHER.pptx
2024-NATIONAL-LEARNING-CAMP-AND-OTHER.pptx2024-NATIONAL-LEARNING-CAMP-AND-OTHER.pptx
2024-NATIONAL-LEARNING-CAMP-AND-OTHER.pptx
 
Application orientated numerical on hev.ppt
Application orientated numerical on hev.pptApplication orientated numerical on hev.ppt
Application orientated numerical on hev.ppt
 
FSB Advising Checklist - Orientation 2024
FSB Advising Checklist - Orientation 2024FSB Advising Checklist - Orientation 2024
FSB Advising Checklist - Orientation 2024
 
How to Give a Domain for a Field in Odoo 17
How to Give a Domain for a Field in Odoo 17How to Give a Domain for a Field in Odoo 17
How to Give a Domain for a Field in Odoo 17
 
ICT Role in 21st Century Education & its Challenges.pptx
ICT Role in 21st Century Education & its Challenges.pptxICT Role in 21st Century Education & its Challenges.pptx
ICT Role in 21st Century Education & its Challenges.pptx
 
UGC NET Paper 1 Mathematical Reasoning & Aptitude.pdf
UGC NET Paper 1 Mathematical Reasoning & Aptitude.pdfUGC NET Paper 1 Mathematical Reasoning & Aptitude.pdf
UGC NET Paper 1 Mathematical Reasoning & Aptitude.pdf
 

In 1626- Dutchman Peter Minuit purchased Manhattan Island from a local.pdf

  • 1. In 1626, Dutchman Peter Minuit purchased Manhattan Island from a local Native American tribe. Historians estimate that the price he paid for the island was about $24 worth of goods, including beads, trinkets, cloth, kettles, and axe heads. Many people find it laughable that Manhattan Island would be sold for $24, but you need to consider the future value (FV) of that price in more current times. If the $24 purchase price could have been invested at a 5.25% annual interest rate, what is its value as of 2012 (386 years later)?