1. Calculating Future Values. Your coin collection contains fifty 1952 silver dollars. If your grandparents purchased them for their face value when they were new, how much will your collection be worth when you retire in 2067, assuming they appreciate at an annual rate of 4.3 percent?
2. Calculating Interest Rates and Future Values. In 1895, the first U.S. Open Golf Championship was held. The winners prize money was $150. In 2016, the winners check was $1,800,000. 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 2040?