Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In 1803, the U.S. doubled in size with the Louisiana Purchase. That well-known real estate mogul Napoleon Bonaparte sold us 827,000 square miles (529,280,000 acres-there

In 1803, the U.S. doubled in size with the Louisiana Purchase. That well-known real estate mogul Napoleon Bonaparte sold us 827,000 square miles (529,280,000 acres-there are 640 acres in a square mile). We paid $15 million. Assume that part of the US is worth an average of $5,500 per acre in 2018. What is the annual rate of return of this purchase for the U.S.?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Mathematics

Authors: Charles MillerStanley SalzmanStanley SalzmanGary Clendenen

11th Edition

0321500121, 9780321500120

More Books

Students also viewed these Finance questions

Question

3. What values would you say are your core values?

Answered: 1 week ago