The purchase price of an acre of land in the Louisiana purchase in 1803 was about...
The purchase price of an acre of land in the Louisiana purchase in 1803 was about 6 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 2010?
Homework Answers
Number of years = 2010 - 1803 = 207
Hence,
Price of an acre of land in 2010
= $ 1198.61
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