In the summer of 1994, a couple was going through their attic and found a
Do you think it would have been possible to cash in this bond in 1994?
How many years has it been since the bond was issued? Do you think the state could pay that much?
were invested in 1865 at an interest rate of compounded annually, how much would the investment be worth in 1994?
to find the worth of the investment.
The investment is worth about
What is the place value of the first digit in the answer to part (b)?
The first digit is in the quadrillion place.
Would the amount be significantly different if it were compounded continuously instead?
, or about dollars more.