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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 mc
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 mc $200. In 2019, the winner's check was $1,400,000. a. What was the percentage increase per year in the winner's check over this (Do not round intermediate calculations and enter your answer as a 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 2038? (Do r round intermediate calculations and round your answer to 2 decimal place 32.16.) a. Increase per year b. Winners prize in 2038 %
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