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 $140. In 2014, the winners check was $1,420,000.

What was the percentage increase per year in the winners check over this period? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Increase per year

%

If the winners prize increases at the same rate, what will it be in 2049? (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.)

Winner's prize in 2049

$