In 1895, the first a sporting event was held. The winner's prize money was $130. In 2007, the winner's check was $1,178,000. (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)
8.58
8.48
8.53
8.38
-24.13
(b) If the winner's prize increases at the same rate, what will it be in 2040?