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

Part 1) In 1900, the first Green Jacket Golf Championship was held. The winners prize money was $340. In 2015, the winners check was $1,700,000. What was the annual percentage increase 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.) Annual percentage % Part 2 )If the winners prize increases at the same rate, what will it be in 2049? (Enter your answer in dollars, not millions of dollars, e.g., 1,234,567. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Prize money $