In 1895, the first U.S. Open Golf Championship was held. The winner's prize money was $150. In 2020, the winner's check was $2.2 million. 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 2050? Note: Do not round intermediate calculations and and enter your answer in dollars, not millons of dollars, rounded to 2 decimal places, e.g., 1,234,567.89.
In 1895, the first U.S. Open Golf Championship was held. The winner's prize money was $150. In 2020, the winner's check was $2.2 million. 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 2050? Note: Do not round intermediate calculations and and enter your answer in dollars, not millons of dollars, rounded to 2 decimal places, e.g., 1,234,567.89.
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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Transcribed Image Text:In 1895, the first U.S. Open Golf Championship was held. The winner's prize money was $150. In 2020, the winner's
check was $2.2 million.
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 2050?
Note: Do not round intermediate calculations and and enter your answer in dollars, not millons of dollars,
rounded to 2 decimal places, e.g., 1,234,567.89.
a. Annual percentage increase
b. 2050 prize money
%
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