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In 1 6 2 6 , Dutchman Peter Minuit purchased Manhattan Island from a local Native American tribe. Historians estimate that the price he paid
In Dutchman Peter Minuit purchased Manhattan Island from a local Native American tribe. Historians estimate that the price he paid for the island was about $ worth of goods, including beads, trinkets, cloth, kettles, and axe heads. Many people find it laughable that Manhattan Island would be sold for $ but you need to consider the future value FV of that price in more current times. If the $ purchase price could have been invested at a annual interest rate, what is its value as of years later
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