Calculate present and future values

a) The very first U.S. Open Golf Championship was held in 1895. The winners prize money was $150. In 2022, the winners check was $3,150,000. What was the percentage increase per year in the winners check over this period? If the winners prize increases at the same rate, what will it be in 2042?

b) The Nobel Foundation runs the endowment that provides monetary awards to winners of the Nobel Prize. Their stated goal is to earn annual returns of at least 3.5% above inflation. In 2022, each Nobel Prize carried a winners stipend of 10 million Swedish Krona (SEK). Suppose the endowment will earn exactly 3.5% above inflation each year, and suppose in- flation will be 5% for the next five years and 2% for the following five years. What is the expected stipend for Nobel laureates in 2032?