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jarptica [38.1K]
3 years ago
11

In 1896, the first Green Jacket Golf Championship was held. The winner’s prize money was $160. In 2015, the winner’s check was $

1,610,000.
What was the annual percentage increase in the winner’s check over this period? Annual percentage %

If the winner’s prize increases at the same rate, what will it be in 2044?Prize money $
Business
1 answer:
Talja [164]3 years ago
3 0

Answer:

r = 0.080528395 = 8.05%

Winner's Prize at 2044:  $ 15,215,114.02

Explanation:

Principal \: (1+ r)^{time} = Amount

Principal 160

Amount 1,610,000

time: 2015 - 1896 = 119

160 \: (1+ r)^{119} = 1,610,000\\ r = \sqrt[119]{1,610,000 / 160} -1

r = 0.080528395

If the same rate for the winner's prize is being keep by 2044 the winner will get:

Principal \: (1+ r)^{time} = Amount

Principal 1,610,000.00

time 29.00 (2044 - 2015)

rate 0.08053

1610000 \: (1+ 0.0805283946683808)^{29} = Amount

Amount 15,215,114.02

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7 0
3 years ago
A 30-year $185,000 amortized mortgage loan has a fixed interest rate of 4.375% and fixed monthly payments. The monthly payment i
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Answer:

$177,114.99

Explanation:

The ending balance of the loan at the end of the 30th month after the monthly payment is the beginning balance at the beginning of the month plus the interest for the month minus the monthly payment.

Note that the interest expense for the month increases the loan balance while the monthly payment reduces the balance.

interest expense for 30th month=beginning balance*fixed interest rate/2

interest expense for 30th month=$177,391.93*4.375%/12

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The ending balance of the loan=$177,391.93+$646.74-$923.68

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= 0.024

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