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Unformatted text preview: 9 ) To solve for k, divide both sides by 6.7e 9. $1.9e-9 = k 213 Years After Loan, Uncle Sam is Dunned by Lisa Belkin SAN ANTONIO, May 26 More than 200 years ago, a wealthy Pennsylvania merchant named Jacob DeHaven lent $450,000 to the Continental Congress to rescue the troops at Valley Forge. That loan was apparently never repaid. So Mr. DeHavens descendants are taking the United States Government to court to collect what they believe they are owed. The total: $1.6e 11 in todays dollars if the interest is compounded daily at 6 percent, the going rate at the time. If compounded yearly, the bill is only $1.6e 11 . FAMILY IS FLEXIBLE The descendants say that they are willing to be flexible about the amount of a settlement and that they might even accept a heartfelt thank you or perhaps a DeHaven statue. But they also note that interest is accumulating at $1.9e-9 a second....
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This note was uploaded on 01/05/2012 for the course MATH 115 taught by Professor Blakelock during the Fall '08 term at University of Michigan.
- Fall '08