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Problem 5 - 1 3 Calculating Interest Rates and Future Values [ LO 1 , 3 ] In 1 8 9 5 , the first

Problem 5-13 Calculating Interest Rates and Future Values [LO1,3]
In 1895, the first U.S. Open Golf Championship was held. The winner's prize money was $170. In 2019, the winner's check was $1,370,000.
a. What was the percentage increase per year in the winner's 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 winner's prize increases at the same rate, what will it be in 2041?(Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)
\table[[a. Increase per year,%
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