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The Dutch land on Manhattan Island in 1614
The Dutch land on Manhattan Island in 1614. They traded some treasure with the natives for some land. Assume it was worth $300.
What is that amount in today's dollars (2020) if inflation averaged 3%?
Expert Solution
Computation of Amount in Today's Dollars:
Number of year between 1614 and 2020 = 2020-1614 = 406
Amount in Today's Dollars = Amount in 1614 *(1+ Inflation Rate)^(Number of Years)
= $300*(1.03)^406
= 300*162,897.054
= $48,869,116.20.
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