In 1895, the first Green Jacket Golf Championship was held. The winner’s prize money was $155. In 2018, the winner’s check was $2,190,000. a. What was the annual percentage increase 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 2049? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 1,234,567.89.)

In 1895, the first Green Jacket Golf Championship was held. The winner’s prize money was $155. In 2018, the winner’s check was $2,190,000. a. What was the annual percentage increase 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 2049? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 1,234,567.89.)

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 7E

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a.	What was the annual percentage increase 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 2049? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 1,234,567.89.)