How much was the original balance

Reference no: EM131923170

Question: 1. Mr. ZZZ suddenly remembers a savings account that was opened 70 years earlier and finds that it contains a balance of $1521.32. How much was the original balance if the interest rate remained at 5% for the whole 70 year period?

2. Peter Minuet, the first director general of New Netherlands province, purchased Manhattan Island from the local Canarsee Indians for approximately $24 in 1626. It is often claimed that the Indians got a raw deal. If the appropriate interest rate is 8%, what would the $24 the Indians collected be worth in 2010?

Reference no: EM131923170

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