Question
In 1895, the first Putting Green Championship was held. The winners prize money was $150. In 2016, the winners check was $1,410,000. a. What was
In 1895, the first Putting Green Championship was held. The winners prize money was $150. In 2016, the winners check was $1,410,000. a. What was the percentage increase per year in the winners check over this period? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. If the winners prize increases at the same rate, what will it be in 2048? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
A coin sold at auction in 2017 for $6,581,000. The coin had a face value of $10 when it was issued in 1791 and had previously been sold for $235,000 in 1968.
At what annual rate did the coin appreciate from its first minting to the 1968 sale? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) | |
b. | What annual rate did the 1968 buyer earn on his purchase? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) |
c. | At what annual rate did the coin appreciate from its first minting to the 2017 sale? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) |
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