Problem 4-13 Calculating Growth Rates and Future Values [LO 1, 3] In 1897, the first Green Jacket Golf Championship was held. The winner's prize money was $215. In 2020, the winner's check was $2,550,000. 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 2053? 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. 2053 prize money %

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Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.