In 1895, the first Green Jacket Golf Championship was held. The winner's prize money was $170. In 2020, the winner's check was $2,280,000. a. What was the annual percentage increase in the winner's check over this period? Note: 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 2052? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 1,234,567.89. a. Annual percentage increase b. 2052 prize money
In 1895, the first Green Jacket Golf Championship was held. The winner's prize money was $170. In 2020, the winner's check was $2,280,000. a. What was the annual percentage increase in the winner's check over this period? Note: 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 2052? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 1,234,567.89. a. Annual percentage increase b. 2052 prize money
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 36P
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![In 1895, the first Green Jacket Golf Championship was held. The winner's prize money was $170. In 2020, the winner's check was
$2,280,000.
a. What was the annual percentage increase in the winner's check over this period?
Note: 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 2052?
Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 1,234,567.89.
a. Annual percentage increase
b. 2052 prize money
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9086a4fb-7baa-4a8a-8a90-24ddac91ad3c%2F87a6161e-2f62-433b-a53f-ba7b3d426239%2Frblhcf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In 1895, the first Green Jacket Golf Championship was held. The winner's prize money was $170. In 2020, the winner's check was
$2,280,000.
a. What was the annual percentage increase in the winner's check over this period?
Note: 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 2052?
Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 1,234,567.89.
a. Annual percentage increase
b. 2052 prize money
%
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