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In 1626, Dutchman Peter Minuit purchased Manhattan Island from a local Native American tribe. Historians...

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In 1626, Dutchman Peter Minuit purchased Manhattan Island from a local Native American tribe. Historians estimate that the price he paid for the island was about $24 worth of goods, including beads, trinkets, cloth, kettles, and axe heads. Many people find it laughable that Manhattan Island would be sold for $24, but you need to consider the future value (FV) of that price in more current times. If the $24 purchase price could have been invested at a 4.25% annual interest rate, what is its value as of 2012 (386 years later)? O $193,638,065.25 O $227,809,488.53 O $300,708,524.86 O $261,980,911.81

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