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. 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. a. Increase per year b. Winners prize in 2050 $ 7.59% 13,522,505.56 X

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. 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. a. Increase per year b. Winners prize in 2050 $ 7.59% 13,522,505.56 X

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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