Problem 5-13 Calculating Interest Rates and Future Values (LO1, 3] 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 S 13,522,505.56
Problem 5-13 Calculating Interest Rates and Future Values (LO1, 3] 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 S 13,522,505.56
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
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![Problem 5-13 Calculating Interest Rates and Future Values [LO1, 3]
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
13,522,505.560
a. Increase per year
b. Winners prize in 2050
IS
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F24c70c92-e168-4a86-8a02-2d7132ecd950%2Fb22ecfe3-9d3c-4093-815c-2879567faaa8%2Fjh11goi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 5-13 Calculating Interest Rates and Future Values [LO1, 3]
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
13,522,505.560
a. Increase per year
b. Winners prize in 2050
IS
%
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