8. 13. Calculating interest rates and future values [LO 5.1, 5.3] In 1895, the first US Open...

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8. 13.

Calculating interest rates and future values [LO 5.1, 5.3] In 1895, the first US Open Golf Championship was held. The winner’s prize money was $150. In 2016, the winner’s cheque was $1 800 000. What was the percentage increase per year in the winner’s cheque over this period? If the winner’s prize increases at the same rate, what will it be in 2040?

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