The purchase price of an acre of land in the Louisiana purchase in 1803 was about 4 cents. Suppose the value of this property grew at an annual rate of 4.9% compounded annually. What would an acre of land be worth in 2016?

The purchase price of an acre of land in the Louisiana purchase in 1803 was about 4 cents. Suppose the value of this property grew at an annual rate of 4.9% compounded annually. What would an acre of land be worth in 2016?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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