Question
While searching Ancestry.com, you learn that you are a direct descendant and sole living heir of Alexander Hamilton who founded the Bank of New York
While searching Ancestry.com, you learn that you are a direct descendant and sole living heir of Alexander Hamilton who founded the Bank of New York 235 years ago. FYI - his picture is on the US ten dollar bill. Mr. Hamilton had coincidentally deposited $10 in the newly founded bank and you are the sole beneficiary of the account, which earned 4% annualized interest compounded monthly. Assuming no deposits or withdrawals were made on the account, what is the account's approximate current value?
A. $954,000
B. $100,655
C. $119,000
D. $1.24 mil
E. $124,000
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