Question
Problem 5-13 Calculating Interest Rates and Future Values [LO1, 3] In 1895, the first Putting Green Championship was held. The winners prize money was $230.
Problem 5-13 Calculating Interest Rates and Future Values [LO1, 3]
| In 1895, the first Putting Green Championship was held. The winners prize money was $230. In 2016, the winners check was $1,450,000. |
| a. | What was the percentage increase per year 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.) |
| b. | If the winners prize increases at the same rate, what will it be in 2030? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
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Contemporary Financial Management
Authors: James R Mcguigan, R Charles Moyer, William J Kretlow
10th Edition
978-0324289114, 0324289111
