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What would the value of Manhattan Island

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Question - The Dutch West India Company dispatched the first permanent settlers to Manhattan Island in 1624. In 1626, the fledgling town's governor, Peter Minuit, bought Manhattan from the Canarsie tribe by using beads and trinkets for the amount $24. Locals sometimes cite this transaction made Peter Minuit the first New York real estate tycoon.

Required -

a) What would the value of Manhattan Island have been in today assuming a compound interest rate 4.6%?

b) This question is an example of using the time value of money concept. Now give three examples of how the time value of money might take on importance in personal or business decisions.

Reference no: EM133037837

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