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aboriginal trackers were each promised the equivalent

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solution


Question

In 1880 five aboriginal trackers were each promised the equivalent of 100 Australian;dollars for helping to capture the notorious outlaw Ned Kelley. In 1993 the granddaughters;of two of the trackers claimed that this reward had not been paid. The prime;minister of Victoria 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. How much was each entitled to if the interest rate was 5 percent? What;if it was 10 percent?

 

Paper#22820 | Written in 18-Jul-2015

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