Calculating interest rates and future values lo1 3 in 1895, Finance Basics

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Calculating interest rates and future values lo1 3 in 1895

Question: Calculating Interest Rates and Future Values [LO1, 3] In 1895, the first U.S. Open Golf Championship was held. The winner's prize money was $150. In 2014, the winner's check was $1, 620,000. What was the percentage increase per year in the winner's check over this period? If the winner's prize increases at the same rate, what will it be in 2040?

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Finance Basics: Calculating interest rates and future values lo1 3 in 1895

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