Question
Question in text form: In 1895, the first Putting Green Championship was held. The winners prize money was $190. In 2014, the winners check was
Question in text form: In 1895, the first Putting Green Championship was held. The winners prize money was $190. In 2014, the winners check was $1,490,000. |
What was the percentage increase per year in the winners check over this period? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
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If the winners prize increases at the same rate, what will it be in 2044? (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.)
This is what I ended up with:
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However my second answer is incorrect: 14,301,264.03$
What I did:
FV = 1,490,000 x (1 + 0.0783)^30
= 1,490,000 x (9.5981637791799514356729368492729)
= 14,301,264.03$
I need a hand in verifying on what I did wrong as this is the last problem of my assignment I'm stuck on
In 1895, the first Putting Green Championship was held. The winner's prize money was $190. In 2014, the winner's check was $1,490,000. What was the percentage increase per year in the winner's 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 vear 7.83 % If the winner's prize increases at the same rate, what will it be in 2044? (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.) Winner's prize in 2044 $14301264.03Step by Step Solution
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