In 1895, the first Putting Green Championship was held. The winner\'s prize mone

Question

In 1895, the first Putting Green Championship was held. The winner's prize money was $180. In 2014, the winner's check was $1,380,000. What was the percentage increase per year in the winner's check over this period? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g, 32.16) Increase per year 7.81 % If the winner's prize increases at the same rate, what will t be in 2037? (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g. 32-18) Winners prize in 2037

Explanation / Answer

b) If it increases at the same rate@ 7.81% every year then:

23 years between 2014 and 20137

So,

1380000 * (1 + 0.0781)23 = $7781030.99

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