In 1626, Dutchman Peter Minuit purchased Manhattan Island from a local Native American tribe. Historians estimate...

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In 1626, Dutchman Peter Minuit purchased Manhattan Island from a local Native American tribe. Historians estimate that the pr

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Answer 1

Answer #1

This question requires application of basic time value of money function, according to which FV = PV * (1 + r) where FV is F

FV = 24 * (1 + 4.25%)³⁹²

FV = 24 * 12,184,759.15

FV = $292,434,219.62

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Answer 2

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