In 1896, the first Green Jacket Golf Championship was held. The winner’s prize money was $195. In 2018, the winner’s check was $2,430,000.

a.	What was the annual percentage increase in the winner’s check over this period? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
b.	If the winner’s prize increases at the same rate, what will it be in 2049? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 1,234,567.89.)

Answer rating: 100% (QA)

a To calculate the annual percentage increase in the winners check over this period we can use the f... View the full answer