Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.)

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:

image text in transcribed

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 $14301264.03

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Agricultural Finance

Authors: Charles Moss

1st Edition

0415599075, 978-0415599078

More Books

Students also viewed these Finance questions