the will of benjamin franklin by: martha martinko, jenny mitchell, ale ponce de leon, ran tyrrell

The Will of Benjamin Franklin

By: Martha Martinko, Jenny Mitchell, Ale Ponce de Leon, Ran Tyrrell

Life of Ben FranklinLife of Ben Franklin

Born: 1706

Died: 1790

Occupations: scientist, inventor, stateman, printer,

philosopher, musician, economist

One of the founding fathers

Benjamin Franklin on The Hundred Dollar Bill Philadelphia Hall

Franklin's Codicil

2,000 pounds of Franklin's money set aside.1,000 pounds to inhabitants of Boston.1,000 pounds to inhabitants of Philadelphia.Money lent to young apprentices at 5% interest.Yearly interest paid back + 1/10 part of the principalSum of principal and interest lent out to borrower again.In 100 years: total sum will be 131,000 pounds.100,000 pounds should be used for public works. Remaining 31,000 pounds should continue to be loaned.In 200 years: total sum will be 4,061,000 pounds.

Predicted and Actual Rate of Growth

A(t)=Aoe^rt

90000=1000e^100r

r = 4.5%

A(t)=Aoe^rt

131000=1000e^100r

r = 4.87%

Actual Growth Rate Franklin’s Prediction

From 1794-1894

What should have happened to the money?

Ben Franklin's money

0

50000

100000

150000

1790 1810 1830 1850 1870 1890

years

am

ou

nt

Series1

Series2

What really happened to the money

In January 1894, the fund had grown from 1,000 pounds to almost 90,000 pounds.

Had multiplied 90 times instead of the 131 times Franklin had expected.

Due to lack of investors.

Benjamin Franklin's codicil

Other linksOther links

To view the codicile of Benjamin Franklin click below:

SourcesSources

•Library of Congress•www.loc.gov

•The World of Benjamin Franklin•http://sln.fi.edu/franklin/rotten.html

•Demana, Finney, Kennedy, Waits. Calculus: Graphical, Numerical, Algebraic. •Google Search: Benjamin Franklin Pictures http://images.google.com/images?q=Benjamin+Franklin