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Problem 5-13 Calculating Interest Rates and Future Values (L01, 3] In 1895, the first Putting Green Championship was held. The winner's prize money was $230.
Problem 5-13 Calculating Interest Rates and Future Values (L01, 3] In 1895, the first Putting Green Championship was held. The winner's prize money was $230. In 2016, the winner's check was $1,430,000. 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 2032? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) X Answer is complete but not entirely correct. a. Increase per year 7.49 % b. Winners prize in 2032 4,541,769.02 X
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