1a. In 1624, the Algonquin Indians sold the island of Manhattan to Peter Minuit for $24. Usually regarded as the great bargain of history, you might want to see how else this money could have earned dividends. Had the $24 been invested at 8 percent, compounded annually, what would it be worth today?

1b. What if that $24 had been invested, again at 8 percent, but compounded quarterly?