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5. Peter Minuit bought an island from the Manhattoes Indian in 1626 for $24 worth of glass beads and trinkets. The 1991 estimate of the

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5. Peter Minuit bought an island from the Manhattoes Indian in 1626 for $24 worth of glass beads and trinkets. The 1991 estimate of the value of the land on this island was $12 billion. What rate of return would the Manhattoes have received if they had retained the title to the island rather than selling it for $24? (10 pts)

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