In 1895, the first Putting Green Championship was held. The winner’s prize money was $180. In 2016, the winner’s check was $1,380,000. a. What was the percentage increase per year 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 2037? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
In 1895, the first Putting Green Championship was held. The winner’s prize money was $180. In 2016, the winner’s check was $1,380,000. a. What was the percentage increase per year 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 2037? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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In 1895, the first Putting Green Championship was held. The winner’s prize money was $180. In 2016, the winner’s check was $1,380,000. |
| a. |
What was the percentage increase per year 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 2037? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
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