Econ 3rd ERS Insert Page Layout Formulas Data Review View Add-ins TEA Home Cut C

Question

Econ 3rd ERS Insert Page Layout Formulas Data Review View Add-ins TEA Home Cut Copy Wrap Text Calibri EIEMerge & Center . Format Painter | Blu-lb-le-A Font Alignment Clipboard Xa2 (15 pts). In 1803, the United States bought a huge tract of la 2 (15 pts).In 1803, the United States bought a huge tract of land from France for $0.03 cents per acre. This was called the Louisiana Purchase. Let's assume that the value of that land today is on average $$7,000 per acre. What is the rate of return of the 1 purchase? 10 12 14 instrutions 923 94

Explanation / Answer

Return on investment = (current price-cost)/cost *100

= (57000-0.03)/0.03*100

= 189999900%

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