7. In 1895 the first US Open Golf Championship was held. The winners prize money was a modest $150. In 2018 the winners payment was $2.16 million. What was the annual percentage increase in the winners payment over this period? If the winners prize increases at the same rate, what will it be in 2048?

8. Although appealing to more refined tastes, art 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 $1 100 000. Unfortunately for the previous owner, he had purchased it three years earlier at a price of $1 680 000. 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 $350 000 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 $120 000 back in four years and $430 000 in eight years. If investors think they require an 10.5% return on this type of investment, is this a good investment?