Answer
13.605 trillion dollars (or $13,605,744,645,293.71)
Work Step by Step
400 years
7% interest rate
24 dollars is initial rate
$24*(1+.07)^{400}$
$24*1.07^{400}$
$24*566,906,026,887$
$13,605,744,645,293.71$
Principles of Economics, 7th Edition
by Mankiw, N. Gregory
Published by
South-Western College
ISBN 10:
128516587X
ISBN 13:
978-1-28516-587-5
Chapter 27 - Part IX - The Basic Tools of Finance - Problems and Applications - Page 582: 1
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