The prize money for the winner of the Masters Golf Championship increased from $1.35 Million when...

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The prize money for the winner of the Masters Golf Championship increased from $1.35 Million when Phil Mickelson won in April 2010 to $1.98 Million when Sergio Garcia won in April 2017. During the same time period, the CPI value increased from 218.0 in April 2010 to 244.5 in April 2017. (a) Calculate the average annual rate of increase in the prize money over that period. (b) Calculate the corresponding average annual general inflation rate over the same time period. (c) Hence, calculate the "real" annual rate of increase in the prize money taking into account the general inflation rate over the time period. (d) Calculate Sergio Garcia's 2017 prize money in "2010" dollars. (a) The average annual rate of increase in the prize money was % (Round to two decimal places) (b) The average annual general inflation rate was% (Round to two decimal places) % (Round to two decimal places) (c) The "real" annual rate of increase in prize money was (d) Sergio Garcia's 2017 prize money in "2010" dollars is $ Million (Round to three decimal places) The prize money for the winner of the Masters Golf Championship increased from $1.35 Million when Phil Mickelson won in April 2010 to $1.98 Million when Sergio Garcia won in April 2017. During the same time period, the CPI value increased from 218.0 in April 2010 to 244.5 in April 2017. (a) Calculate the average annual rate of increase in the prize money over that period. (b) Calculate the corresponding average annual general inflation rate over the same time period. (c) Hence, calculate the "real" annual rate of increase in the prize money taking into account the general inflation rate over the time period. (d) Calculate Sergio Garcia's 2017 prize money in "2010" dollars. (a) The average annual rate of increase in the prize money was % (Round to two decimal places) (b) The average annual general inflation rate was% (Round to two decimal places) % (Round to two decimal places) (c) The "real" annual rate of increase in prize money was (d) Sergio Garcia's 2017 prize money in "2010" dollars is $ Million (Round to three decimal places)

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1 a The average annual rate of increase in the prize money was 532 b The average annual general infl... View the full answer