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In 1803 unites states purchased about 500,000,000 acres of land from France for about 15,000,000. If France invested the 15 million dollars compounded annually at a 7% how much do they have in 2011?
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by Tony335 at January 03, 2011

I got 1.29304712*10^13. In addition the following question asks how much did the U.S pay per acre? Then how much per acre could they afford to pay to buy back the land with the money in the bank from the answer above?

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Tony -This is an easy problem if you remember the general formula for annual compounding of interest:The problem gives you P = $15 million; r = .07 and t = 2011-1803 = 208 yrsJust plug these into the formula and you will get one HUGE number.What is it per acre? Just divide your answer above by the total number of acres (500 million acres).Hope this helps

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Steve204 January 03, 2011

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In 1803 unites states purchased about 500,000,000 acres of land from France for about 15,000,000. If France invested the 15 million dollars compounded annually at a 7% how much do they have in 2011? ⚑ Flag

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In 1803 unites states purchased about 500,000,000 acres of land from France for about 15,000,000. If France invested the 15 million dollars compounded annually at a 7% how much do they have in 2011?
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