Problem $5-13$ Calculating interest Rates and Future Values LO$1,3]$

points

In $1895,$ the first U$.$S$.$ Putting Green Championship was held. The winner's prize money was $$220.$ In $2022,$ the winner's check was

$$3,050,000$

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

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Note: Do not round Intermedlate calculatlons and enter your answer as a percent rounded to $2$ declmal places, e$.$g$.,32\mathrm{.}16.$

b$.$ If the winner's prize increases at the same rate, what will it be in $2052?$

Note: Do not round Intermedlete colculatlons ond enter your answer as a percent rounded to $2$ decimal pleces, e$.$g$.,32\mathrm{.}16.$

Hint:

$\sqrt[\phantom{2}]{2}$