1A

In 1626, Peter Minuit purchased Manhattan Island from Native Americans for $24 worth of trinkets and beads. Find what the $24 woukd be worth in the year 2020 if it had been deposited in a bank paying 5% interest compounded quarterly. round your answer to the nearest dollar.

1B

The cost of a four year private college education has been estimated to ge $50,000. How large a trust fund paying 5% compounded quarterly, must be established at a childs birth to ensure sufficient funds at age 18? round your answer to the nearest cent.