This problem is based on historical information that is at least partly true: In 1626 Dutch settlers purchased Manhattan Island from Native Americans for the equivalent of $24. It is estimated the...

This problem is based on historical information that is at least partly true:

In 1626 Dutch settlers purchased Manhattan Island from Native Americans for the equivalent of $24.

It is estimated the land value of Manhattan Island was $1.4 trillion in 2018.

Use the Compound Interest Formula to help answer the following questions.  You may assume
annual compounding.

1. What is the average annual percentage rate of increase in the land value of Manhattan Island from 1626-2018?


2. Using your answer to 1), what was the land value of Manhattan Island in 1950?


3. Using your answer to 1), what will the land value of Manhattan Island be in 2050?