In 1895, the first U.S. Putting Green Championship was held. The winner's prize money was $170. In 2022, the winner's check was$3,950,000.a. What was the percentage increase per year 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 2053?Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.a. Increase per yearb. Winners prize in 2053%

Given:PV = $170 (initial value)FV = $3,950,000 (future value in 2022)n = number of years = 2022-1895…

Answered: In 1895, the first U.S. Putting Green…

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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