The Will of Benjamin FranklinBy: Martha Martinko, Jenny Mitchell, Ale Ponce de Leon, Ran TyrrellLife of Ben FranklinBorn: 1706Died: 1790Occupations: scientist, inventor, stateman, printer, philosopher, musician, economistOne of the founding fathersBenjamin Franklin on The Hundred Dollar BillPhiladelphia HallFranklin's Codicil2,000 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 GrowthA(t)=Aoe^rt90000=1000e^100rr = 4.5%A(t)=Aoe^rt131000=1000e^100rr = 4.87%Actual Growth RateFranklin’s PredictionFrom 1794-1894 What should have happened to the money?Ben Franklin's money050000100000150000179018101830185018701890yearsamountSeries1Series2What 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 codicilOther linksTo view the codicile of Benjamin Franklin click below:Sources•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