Calculating Interest Rates and Future Values In 1895, the first U.S. Open Golf Championship was held. The

Question:

Calculating Interest Rates and Future Values In 1895, the first U.S. Open Golf Championship was held. The winner’s prize money was $150. In 2006, the winner’s check was $1,170,000. What was the percentage increase in the winner’s check over this period’? If the winner’s prize increases at the same rate, what will it be in 2040?