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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In 1895, the first U.S. Open Golf Championship was held. The winner's prize money was $160. In 2019, the winner's check was $1,400,000. 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 2050? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct. 7.59 % a. Increase per year b. Winners prize in 2050 $ 13,522,505.56 Return to question
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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 %
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In 1895, the first Putting Green Championship was held. The winner's prize money was $150. In 2016, the winner's check was $1,410,000. a. What was the percentage increase per year in the winner's check over this period? b. If the winner's prize increases at the same rate, what will it be in 2048? (Do not (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Increase per year b. Winners prize in 2048 7.85%
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