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Calculating Growth Rates and Future Values In $1895,$ the first U$.$S$.$ Open Golf Championship was held. The winner$$s prize money was $$150.$ In $2020,$ the winner$$s check was $$2\mathrm{.}2$ million. What was the annual percentage increase in the winner$$s check over this period? If the winner$$s prize increases at the same rate, what will it be in $2050?$

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Comparing Cash Flow Streams You$$ve just joined the investment banking firm of Dewey, Cheatum, and Howe. They$$ve offered you two different salary arrangements. You can have $$90,000$ per year for the next two years, or you can have $$77,000$ per year for the next two years, along with a $$20,000$ signing bonus today. The bonus is paid immediately and the salary is paid in equal amounts at the end of each month. If the interest rate is $7$ percent compounded monthly, which do you prefer?