Saved In 1880 five aboriginal trackers were each promised the equivalent of 50 A

Question

Saved In 1880 five aboriginal trackers were each promised the equivalent of 50 Australian dollars for helping to capture the notorious outlaw Ned Kelley. In 1996 the granddaughters of two of the trackers claimed that this reward had not been paid. The prime minister stated entitled to compound interest a. How much was each granddaughter entitled to if the interest rate was 3%? Do not round intermediate calculations. Round your However, the granddaughters also claimed that they were answer to 2 decimal places.) Future value Australian dollars b. How much was each entitled to if the interest rate was 6%? (Do not round intermediate calculations. Round your answer to 2 decimal places Future value Australian dolarls

Explanation / Answer

We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.

1.A=50*(1.03)^1116

=50*30.84026249

=1542.01(Approx).

2.A=50*(1.06)^116

=50*861.9466195

=43097.33(Approx).

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