Intro Finance ch 4
In 1896, the first Green Jacket Golf Championship was held. The winner’s prize money was $195. In 2018, the winner’s check was $2,430,000. |
| a. | What was the annual percentage increase in the winner’s 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 winner’s prize increases at the same rate, what will it be in 2049? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 1,234,567.89.) |
Homework Answers
Part a:
The annual percentage increase = 8.04%
Part b:
Calculation for future value in 2049:
Number of years=2049-2018=31
Present value in year 2018=$2430000
Future value=Present value*(1+annual rate)^Number of years
=2430000*(1+8.04%)^31
=$26713335.25
In 1896, the first Green Jacket Golf Championship was held. The winner’s prize money was $195....
In 1896, the first Green Jacket Golf Championship was held. The winner’s prize money was $195. In 2018, the winner’s check was $2,430,000. a. What was the annual percentage increase in the winner’s 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 winner’s prize increases at the same rate, what will it be in 2049? (Do not round intermediate calculations and round your...
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In 1897, the first Green Jacket Golf Championship was held. The
winner’s prize money was $215. In 2018, the winner’s check was
$2,550,000.a.What was the annual percentage increase in the winner’s 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 winner’s prize increases at the same rate, what will it
be in 2053? (Do not round intermediate
calculations and round your answer to 2 decimal...
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In 1897, the first Green Jacket Golf Championship was held. The
winner’s prize money was $215. In 2018, the winner’s check was
$2,550,000.a.What was the annual percentage increase in the winner’s 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 winner’s prize increases at the same rate, what will it
be in 2053? (Do not round intermediate
calculations and round your answer to 2 decimal...
In 1895, the first Green Jacket Golf Championship was held. The winner's prize money was $160. In 2018, the winner's check was $2,220,000. a. What was the annual percentage increase in the winner's 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 winner's prize increases at the same rate, what will it be in 2050? (Do not round intermediate calculations and round your...
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