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(Solved) In 1880 five aboriginal trackers were each promised the


In 1880 five aboriginal trackers were each promised the equivalent of 100 Australian dollars for helping to capture the notorious outlaw Ned Kelley. In 2000 the granddaughters of two of the trackers claimed that this reward had not been paid. The Victorian prime minister stated that if this was true, the government would be happy to pay the $100. However, the granddaughters also claimed that they were 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 answer to 2 decimal places.)
Years passed

 

Amount promised

 

Interest rate -1

 

Interest rate -2

 


 

a)

 

b)

 


 

120 years

 

100

 

0.03

 

0.06

 


 

Amount using 3% interest rate =

 

Amount using 6% interest rate =

 


 

3471.099

 

108818.8

 


 

 


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Oct 15, 2019

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