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In 1790 John Jacob Astor bought approximately an acre of land on the east side of Manhattan Island for $58. Astor, who was considered a
In 1790 John Jacob Astor bought approximately an acre of land on the east side of Manhattan Island for $58. Astor, who was considered a shrewd investor, made many such purchases. How much would his descendants have in 2009, if instead of buying the land, Astor had invested the $58 at 5 percent compound annual interest?
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