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

In 1895, the first U.S. Open Golf Championship was held. The winners prize money was $160. In 2019, the winners check was $1,460,000.

a.	What was the percentage increase per year in the winners 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 winners prize increases at the same rate, what will it be in 2053? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

a. Increase per year %

b. Winners prize in 2053