In 1626 Peter Minuit purchased Manhattan Island from the Nat…
In 1626 Peter Minuit purchased Manhattan Island from the Native American Indians for about $24 worth of trinkets. If the Native American Indians had taken cash instead and invested it to earn 6 % compounded annually, how much would the Indians have had 100 years later? First, how much would they have in 1726, 100 years later? r = rate of interest P = amount paid n= number of periods Show your work