Question
In 1895, the first Putting Green Championship was held. The winners prize money was $220. In 2016, the winners check was $1,420,000. a. What was
In 1895, the first Putting Green Championship was held. The winners prize money was $220. In 2016, the winners check was $1,420,000.
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 2033? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer for a) 7.51%
Need help finding b. I have tried several times and cannot get the answer. I used a financial calculator and inserted 17 (2033-2016) = N, 7.51% = I/Y, and $1,420,000 = PV. I got $4,863,164.90 and it was still wrong. Please help.
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