Problem $5-13$ Calculating Interest Rates and Future Values

$[$LO$1,3]$

In $1895,$ the first U$.$S$.$ Putting Green Championship was held. The winner's prize

money was $$230.$ In $2022,$ the winner's check was $$3,350,000.$

a$.$ What was the percentage increase per year in the winner's check over this

period?

Note: Do not round intermediate calculations and enter your answer as a

percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

b$.$ If the winner's prize increases at the same rate, what will it be in $2055?$

Note: Do not round intermediate calculations and enter your answer as a

percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$