For each of the following compute the future value: (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Years Future Value Present Value 2,400 9,953 104,305 242,382 Interest Rate 17 % 9 10 19 13 In 1896, the first Green Jacket Golf Championship was held. The winner’s prize money was $200.
In 2018, the winner’s check was $2,460,000. a. What was the annual percentage increase in the winner’s check over this period? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. If the winner’s prize increases at the same rate, what will it be in 2050? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 1,234,567.89.) Annual percentage increase b. 2050 prize money
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