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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, doth, 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 4.75% annual interest rate, what is its value as of 2018 (392 years later)? $1,621,849,568.69 O $2,518,636,977.25 $2,194,267,063.52 $1,908,058,316.10

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