Answered: Prize Money of the Masters Golf…

Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

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The next table lists the winners and their prize monies in actual dollars from the Masters Golf Championship from 2006 to 2011. Convert the prize monies into equivalent dollars of 2011.

In doing so,
(a) Determine the growth rate of the prize money in actual dollars over the fiveyear period.
(b) Find the equivalent prize money for each, stated in terms of year 2011 dollars.
(c) Determine the growth rate of the prize money in constant (real) dollars.
(d) If the current trend continues, what would the expected prize money be in actual dollars for the winner in 2015?

Prize Money of the Masters Golf Championship
Winner
Year
Prize Money (in Actual Dollars)
2006
Phil Mickelson
$1,260,000
2007
Zach Johnson
$1,305,000
2008
Trevor Immelman
$1,350,000
2009
Angel Cabrera
$1,350,000
2010
Phil Mickelson
$1,350,000
2011
Charl Schwartzel
$1,440,000

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