In 1895, the first a sporting event was held. The winner's prize money was $130. In 2007, the winner's check was $1,178,000.(Do not round your intermediate calculations.)

Required:(a)What was the percentage increase per year in the winner's check over this period?(Click to select)

8.58

8.48

8.53

8.38

-24.13

(b)If the winner's prize increases at the same rate, what will it be in 2040?