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Show Compound Interest We often hear that Peter Minuet in 1626 paid the Indians only $24 for Manhattan island. We am apt to think of this as a ridiculously small sum for what is today the most valuable val-uable piece of land of its size in the world ; but we do not stop to think that if this original ?24 had been invested in-vested by Peter Minuet at the rate of 7 per cent per annum and compounded compound-ed every six months to date, it would have earned a sum equivalent to the assessed value of the entire city of New York, so It is said, including its streets, sewers, railways, subways, theaters, hotels, skyscrapers and palatial pa-latial homes. Thrift Magazine. |