In 1895, the first a sporting event was held. The winner's prize money was $140. In 2007, the winner's check was $1,172,000. (Do not round your intermediate calculations.)
Required:
(a) What was the percentage increase per year in the winner's check over this period?
(Click to select) 8.508.458.308.40-23.95
(b) If the winner's prize increases at the same rate, what will it be in 2040?