The purchase price of an acre of land in the Louisiana purchase in 1803 was about 5 cents. Suppose the value of this property grew at an annual rate of 5.1% compounded annually. What would an acre of land be worth in 2016?

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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The purchase price of an acre of land in the Louisiana purchase in 1803 was about 5 cents. Suppose the value of this property grew at an annual rate of 5.1% compounded annually. What would an acre of land be worth in
2016?
$
Transcribed Image Text:The purchase price of an acre of land in the Louisiana purchase in 1803 was about 5 cents. Suppose the value of this property grew at an annual rate of 5.1% compounded annually. What would an acre of land be worth in 2016? $
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