Calculating Interest Rates and Future Values [ LO1, 3] In 1895, the first U.S. Open Golf Championship was held. The winner's prize money was $150. In 2019 , the winner's check was $2.25 million. What was the percentage increase per year in the winner's check over this period? If the winner's prize increases at the same rate, what will it be in 2044 ? 7. Calculating Present Values [[] LO2] Suppose you are still committed to owning a $275,000 Ferrari (see Problem 9). If you believe your mutual fund can achieve an annual rate of return of 11.2 percent and you want to buy the car in 9 years (on the day you turn 30 ), how much must you invest today? 8. Calculating Future Values [[ LO1] You have just made your first $5,500 contribution to your retirement account. Assuming you earn a return of 10 percent per year and make no additional contributions, what will your account be worth when you retire in 45 years? What if you wait 10 years before contributing? (Does this suggest an investment strategy?) years. You plan on investing it at 11 percent until you have $60,000. How long will you wait from now