In 1895, the first U.S. Open Golf Championship was held. The winner's prize money was $240. In 2019, the winner's check was $1,440,000. 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 2034? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Increase per year b. Winners prize in 2034 $ 7.33 4,160,824.83 %
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- 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 U.S. Open Golf Championship was held. The winner’s prize money was $150. In 2016, the winner’s check was $1.1 million.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.)In 1895, the first U.S. Open Golf Championship was held. The winner’s prize money was $150. In 2016, the winner’s check was $1.3 million.What was the percentage increase per year in the winner’s check over this period?
- On January 1, you win $46,000,000 in the state lottery. The $46,000,000 prize will be paid in equal installments of $5,750,000 over eight years. The payments will be made on December 31 of each year, beginning on December 31 of this year. The current interest rate is 5%. Determine the present value of your winnings. Round your answer to the nearest dollar. $ fill in the blank 2On January 1, you win $4,800,000 in the state lottery. The $4,800,000 prize will be paid in equal installments of $480,000 over 10 years. The payments will be made on December 31 of each year, beginning on December 31 of the current year. If the current interest rate is 6%, determine the present value of your winnings. Use Table 3. Round to the nearest whole dollar.On January 1 you win $3,480,000 in the state lottery. The $3,480,000 prize will be paid in equal installments of $290,000 over 12 years. The payments will be made on December 31 of each year, beginning on December 31. If the current interest rate is 7%, determine the present value of your winnings. Use the present value tables in Exhibit 7. Round to the nearest whole dollar.
- Gus deposited $6,000 on February 4, 2021. How much does Gus have on September 4, 2028, if the rate is 4% compounded semiannually?Treating each as a separate event answer the following: A. If $12,000 is deposited annually starting on January 1, 2020 and it earns 9%, how much will accumulate by December 31, 2029? B. Calculate the future value of an annuity due of $12,000 for 10 periods at 9% C. Steve Milner borrowed $120,000 on July 1, 2020. This amount plus accrued interest at 8% compounded semiannually is to be repaid in total on July 1, 2030. To retire this debt, Milner plans to contribute to a debt retirement fund five equal amounts starting on July 1, 2025 and continuing for the next four years. The fund is expected to earn 6% per annum. Compute how much must be contributed each year by Steve Milner to provide a fund sufficient to retire the debt on July 1, 2030? D. Andrea is 40 years old today and she wishes to accumulate $2,000,000 by her sixty fifth birthday so she can retire to a beach in Florida. She wishes to accumulate this amount by making equal deposits on her fortieth through her sixty fourth…Assume that in 2018, a copper penny struck at the Philadelphia mint in 1795 was sold for $375,000. What was the rate of return on this investment? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
- On January 1 you win $50,000,000 in the state lottery. The $50,000,000 prize will be paid in equal installments of $6,250,000 over eight years. The payments will be made on December 31 of each year, beginning on December 31 of this year. If the current interest rate is 12%, determine the present value of your winnings. Use the present value tables in Exhibit 7. Round to the nearest whole dollar. Will the present value of your winnings using an interest rate of 12% be more than the present value of your winnings using an interest rate of 5%?Juan Garza invested $20,000 10 years ago at 12 percent, compounded quarterly. How much has he accumulated? Use Appendix A for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)Melinda Almazan, an angel investor decided to invest P1,200,000 excess cash in certificate of deposit on April 1. 2019 The certificate carried an 8% annual rate of Interest and a 1-year term to maturity, Interest will be withdrawn monthly (disregard tax effects). a 4. What is the amount of interest receivable as of Dec. 31, 2019? 5. What amount of cash will be collected for interest revenue in 2020? 6. What amount of interest revenue will be recognized in 2020? 7. What is the amount of interest receivable as of Dec. 31, 2020?