In 1778, a wealthy Pennsylvanian merchant named Jacob DeHaven lent $450,000 to the
Chapter 9, Problem 13(choose chapter or problem)
In 1778, a wealthy Pennsylvanian merchant named Jacob DeHaven lent $450,000 to the Continental Congress to support the troops at Valley Forge. The loan was never repaid. Mr. DeHavens descendants have taken the U.S. government to court to collect what they believe they are owed. The going interest rate at the time was 6%. How much were the DeHavens owed in 1990 a. if interest is compounded yearly? b. if interest is compounded continuously? (Source: Adapted from The New York Times, May 27, 1990.)
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