Glory of money can always be illusive
Glory of money can always be illusive, even to those who think that they are experts. Peter Minuit, Dutch colonial governor of New Amsterdam who is mainly remembered for his fabulous purchase of Manhattan Island the nucleus of New York City, 1n 1626 from the Indians for trade goods worth about $ 24. This may sound cheap but in fact the Indian got the better deal?
Suppose that the Indians sold the goods and invested $24 at a mere 10%, how much would it be worth today. About 394 years have passed since the transaction and it would have grown quite a bit by now?
The value of $ 1 after 394 years would be;
24* (1.1)^394 = 488,572,697,559,164,000 , 488 followed by 15 zeros, which means the value of $24 is $11,725,744,741,419,900,000 This is a mammoth $ 11.7 Quintillion.
If you had that much money you could buy the entire United States, all for cash. With the money leftover could be used to buy Canada, Mexico and the rest of the world. The size of the global economy is only about $ 88 Trillion. If at least one party knew the power of compounding, the world would have been a different place.
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