Word Problem - compound interest


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Posted by Chrystalmagic1@aol.com (205.188.208.104) on May 04, 2003 at 13:31:25:

In 1964, Peter Minuit paid 60 guilders, or about $24, to the Indieans for Manhattan Island. what would be the value of that $24 in 1992 if it havd been invested at 5% annual interest compinded annually since then? Use T=p(1+2)t (to the power of t)


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