Problem 5-13 Calculating Interest Rates and Future Values [LO1, 3] In 1895, the first U.S. Open...

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Problem 5-13 Calculating Interest Rates and Future Values [LO1, 3] In 1895, the first U.S. Open Golf Championship was held. The winner's prize money was $240. In 2019, the winner's check was $1,440,000. a. What was the percentage increase per year 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 2034? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Increase per year 7.27% b. Winners prize in 2034 $ 4,126,071.04 Problem 5-13 Calculating Interest Rates and Future Values [LO1, 3] In 1895, the first U.S. Open Golf Championship was held. The winner's prize money was $240. In 2019, the winner's check was $1,440,000. a. What was the percentage increase per year 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 2034? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Increase per year 7.27% b. Winners prize in 2034 $ 4,126,071.04