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According to legend, Manhattan Island was bought by the Dutch from the local Indians for $24.00 in 1626 In 1976 the island's land was valued
According to legend, Manhattan Island was bought by the Dutch from the local Indians for $24.00 in 1626 In 1976 the island's land was valued at $9,000,000,000.00. What rate of return would the Indians have received if they had retained title? Assume payment is at the beginning of 1626 and the land value is at the end of 1976. Provide a cash flow diagram, write your symbolic equation using the Author's notation, then solve using the appropriate exact formula from the inside front cover of the textbook in place of the symbolic notation. Be sure to show all of your work
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