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Determine how much investment would be worth today

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History tells us that a group of Dutch colonists purchased the island of Manhattan from Native American residents in 1626. Payment was made with wampum (likely glass beads and trinkets, which had an estimated value of $24. Suppose the Dutch had invested this money back home in Europe and earned an average return of 5% per year.

Problem 1: Determine how much this investment would be worth today (in 2020) using:

A. Simple Interest
B. Compound Interest

Reference no: EM132670693

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