Seeing nearby towns scurrying for money to celebrate the nation's Bicentennial, Mrs. Helen Beverley, 51, of Danvers, Mass., determined that, come 2076, Danvers' city fathers would not find themselves similarly strapped. She will collect $10 each from 100 residents and deposit the $1,000 in a bank, along with a list of the donors, in an account not to be opened for 100 years.
By her reckoning, with interest compounded quarterly at 7%, the fund will grow to "$1,032,207 plus pennies. They can have a real bash in 2076." But will they indeed? If the recent 6.2% annual inflation rate were to...
To continue reading:
or
Log-In
