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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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