An Interesting Will Bequest

Benjamin Franklin bequeathed $55,000 in 2010 Dollars to each of the cities of Boston and Philadelphia, in trust to gather interest for 200 years. As of 1990, more than $2,000,000 had accumulated in Franklin's Philadelphia trust, which had loaned the money to local residents. When the trust came due, Philadelphia decided to spend it on scholarships for local high school students. Franklin's Boston trust fund accumulated almost $5,000,000 during that same time; at the end of its first 100 years a portion was allocated to help establish a trade school that became the Franklin Institute of Boston and the whole fund was later dedicated to supporting this institute.