In 1895, the first U.S. Open Golf Championship was held. The winner’s prize money was $220. In 2019, the winner’s check was $1,420,000.

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 2036? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Answer rating: 100% (QA)

Steps to solve 1 Calculate the change in the winners ... View the full answer