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In 1895, the first U.S. Open Golf Championship was held. The winners prize money was $150. In 2019, the winners check was $2.25 million. What
In 1895, the first U.S. Open Golf Championship was held. The winners prize money was $150. In 2019, the winners check was $2.25 million. 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 2044?
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First year | 1895 | |||||||||||
Present value | $150 | |||||||||||
Second year | 2019 | |||||||||||
Future value | $2,250,000 | |||||||||||
Final year | 2044 |
Interest rate |
Future value |
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