ACCT 2301 In 1885, a person sold a house to a lady for $26
Question # 00290237
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Updated on: 05/20/2016 11:43 PM Due on: 06/19/2016
In 1885, a person sold a house to a lady for $26. If the lady had put the $26 into a bank account paying 5% interest, how much would the investment have been worth in the year 2010 if interest were compounded in the following ways?
a) monthly b) continuously
a) If compounded monthly, the investment would be worth $______ in 2010. (Round to the nearest dollar as needed)
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Solution: ACCT 2301 In 1885, a person sold a house to a lady for $26