7. In 1895 the firs US Open Golf Championship was held. The winner's prize money was a modest $150. In 2018 the winner's payment was $2.16 million. What was the anmual percentage increase in the winner's payment over this period? If the winner's prize increases at the same rate, what will it be in 2048? 8. Although appealing to more refined tastes, ant as a collectable has not always performed so profitably. During 2010, Deutscher-Menzies sold Arkie under the Shower, a painting by renowned Australian painter Brett Whiteley, at auction for a price of $1100000. Unfortunately for the previous owner, he had purchased it three years earlicr at a price of $1680000. What was his annual rate of return on this painting? 9. You have been offered the chance to invest in a quick no-frills promotion scheme. The entry fee is $350000 and the venture is to capitalise on the fame of the Star Wars film franchise, given the great success of the movies. You will produce Star Wars costumes. The promoter offers investors $120000 back in four years and $430000 in eight years. If investors think they require an 10.5% return on this type of imvestment, is this a good investment