USA HISTORY

Detailed explanation-1: -In 1803 the United States paid France $15 million for the Louisiana Territory–828, 000 square miles of land west of the Mississippi River.

Detailed explanation-2: -The $15 million-the equivalent of about $342 million in modern dollars, and long viewed as one of the best bargains of all time-technically didn’t purchase the land itself.

Detailed explanation-3: -Vaguely defined at the time as the western watershed of the Mississippi River, and later pegged at about 827, 000 square miles, the acquisition nearly doubled the national domain for a mere $15 million, or roughly $309 million in today’s dollars.

Detailed explanation-4: -In this transaction with France, signed on April 30, 1803, the United States purchased 828, 000 square miles of land west of the Mississippi River for $15 million.

Detailed explanation-5: -But despite landing Louisiana for less than three cents an acre, the price was more than the United States could afford. As a result, it was forced to borrow from two European banks at 6 percent interest.