value: 10.00 points In 1895, the first a sporting event was held. The winner's prize money was $180. In 2007, the winner's check was $1,178,000. (Do not round your intermediate calculations.) Required: (a) What was the percentage increase per year in the winner's check over this period? 8.26 (b) If the winner's prize increases at the same rate, what will it be in 2040? 15,684,293.13 7. value: 10.00 points Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2003, a sculpture was sold at auction for a price of $10,303,500. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12,374,500. What was his annual rate of return on this sculpture? 0 -4.03% O-4.48% -3.80% 4.69% O-5.06% 8. value: 10.00 points You have just made your first $3,500 contribution to your retirement account. Assuming you earn an 8 percent rate of return and make no additional contributions. Required: (a) What will your account be worth when you retire in 35 years? 54,336.14 (b) What will your account be worth if you wait 7 years before contributing? 28,685.13 10 value: 10.00 points You expect to receive $10,000 at graduation in two years. You plan on investing it at 8 percent until you have $105,000. How long will you wait from now? (Do not round your intermediate calculations.) O 30.55 years O 35.81 years 36.46 years 28.55 years O 32.55 years