Problem 4-13 Calculating Growth Rates and Future Values [LO 1, 3]

In 1895, the first Green Jacket Golf Championship was held. The winners prize money was $165. In 2020, the winners check was $2,250,000.

What was the annual percentage increase in the winners check over this period?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.

If the winners prize increases at the same rate, what will it be in 2051?

Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 1,234,567.89.