In 1867 the United States purchased Alaska from Russia for $7,200,000. There is 586,400 square miles of land in Alaska.

In 1867 the United States purchased Alaska from Russia for $7,200,000. There is 586,400 square miles of land in Alaska. Assuming that the value of the land increases continuously at 2% per year and that land can be purchased at an equivalent price, determine the price of 1 acre in the year 2010. (One square mile is equivalent to 640 acres. Round your answer to two decimal places.)

In 1867 the United States purchased Alaska from Russia for $7,200,000. There is 586,400 square milesof land in Alaska. Assuming that the value of the land increases continuously at 2% per year and...