In 1626, an explorer convinced a group of indigenous peoples to sell him an island for $27. If the indigenous peoples had put

Question

In 1626, an explorer convinced a group of indigenous peoples to sell him an island for $27. If the indigenous peoples had put the $27 into a bank account paying 8%, how much would the investment be worth in the year 2003 if the interest were compounded a. monthly? b. continuously?

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