In 1896 , the first Green Jacket Golf Championship was held. The winner's prize money was $200. In 2018, the winner's check was $2,460,000.
a. What was the annual percentage increase in the winner's check over this period? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
b. If the winner's prize increases at the same rate, what will it be in 2050? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 1,234,567.89 .)
FV = PV(1+r)^n
2460000 = 200 (1+r)^ 122
(1+r)^ 122 = 2460000 / 200
= 12300
1+r = 12300^(1/122)
= 1.0802
r = 1.0802 - 1
= 0.0802 i.e 8.02%
Prize Money in 2050:
FV = PV (1+r)^n
= 2460000 (1+0.0802)^32
= 2460000 (1.0802)^32
= 2460000 * 11.8068
= $ 29,044,816.79
In 1896 , the first Green Jacket Golf Championship was held. The winner's prize money was $200
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