Question: Problem 5-13 Calculating Interest Rates and Future Values [LO1, 3] In 1895, the first Putting Green Championship was held. The winners prize money was $170.

Problem 5-13 Calculating Interest Rates and Future Values [LO1, 3]

In 1895, the first Putting Green Championship was held. The winners prize money was $170. In 2014, the winners check was $1,390,000.

What was the percentage increase per year in the winners check over this period? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Increase per year

If the winners prize increases at the same rate, what will it be in 2046? (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.)

Winner's prize in 2046

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