Problem:
In 1895, the first U.S. Open Golf Championship was held. The winner's prize money was $150. In 2010, the winner's check was $1,350,000.
Task:
What was the percentage increase per year in the winner's check over this period? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) Interest rate % =8.24 %
If the winner's prize increases at the same rate, what will it be in 2040? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
Explain in detail and also provide full description.