In 1895, the first U.S. Open Golf Championship was held. The winner's prize money was $240. In 2019, the winner's check was $1,440,000. 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 2034? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Increase per year b. Winners prize in 2034 $ 7.33 4,160,824.83 %
In 1895, the first U.S. Open Golf Championship was held. The winner's prize money was $240. In 2019, the winner's check was $1,440,000. 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 2034? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Increase per year b. Winners prize in 2034 $ 7.33 4,160,824.83 %
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 7E
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![d
In 1895, the first U.S. Open Golf Championship was held. The winner's prize money was
$240. In 2019, the winner's check was $1,440,000.
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 2034? (Do not
round intermediate calculations and round your answer to 2 decimal places, e.g.,
32.16.)
a. Increase per year
b. Winners prize in 2034
$
7.33
4,160,824.83 x
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F223e03ac-23f8-47d5-afb1-75f70a644f9d%2F8a77303c-7fa3-4fdb-b096-5df04fd4db29%2F0mpaqtf_processed.png&w=3840&q=75)
Transcribed Image Text:d
In 1895, the first U.S. Open Golf Championship was held. The winner's prize money was
$240. In 2019, the winner's check was $1,440,000.
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 2034? (Do not
round intermediate calculations and round your answer to 2 decimal places, e.g.,
32.16.)
a. Increase per year
b. Winners prize in 2034
$
7.33
4,160,824.83 x
%
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