Question
Benjamin Franklin, according to the American Bankers Association, left $5,000 to the residents of Boston in 1791, with the understanding that it should be
Benjamin Franklin, according to the American Bankers Association, left $5,000 to the residents of Boston in 1791, with the understanding that it should be allowed to accumulate for a hundred years. By 1891 the $5,000 had grown to $322,000. A school was built, and $92,000 was set aside for a second hundred years of growth. In 1960, this second century fund had reached $1,400,000. As Franklin put it, in anticipation: "Money makes money and the money that money makes, makes more money." Question: What average interest rate per year was earned from 1791 to 1891?
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Smith and Roberson Business Law
Authors: Richard A. Mann, Barry S. Roberts
15th Edition
1285141903, 1285141903, 9781285141909, 978-0538473637
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