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Five aboriginal trackers were not paid from 1880

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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?

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This solution is comprised of a detailed explanation to answer how much was each entitled to if the interest rate was 5 percent and what if it was 10 percent.

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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 ...

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