The winner of the first annual Tom Morris Golf Invitational won $160 in the competition which was held in 1910. In 2015,...
The winner of the first annual Tom Morris Golf Invitational won $160 in the competition which was held in 1910. In 2015, the winner received $1,570,000. If the winner's purse continues to increase at the same interest rate, how much will the winner receive in 2044?
Homework Answers
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
1,570,000=160*(1+r/100)^105
(1,570,000/160)^(1/105)=(1+r/100)
(1+r/100)=1.0915
r=1.0915-1
=0.0915
A=$1,570,000*(1+0.0915)^29
=$19878846.50(Approx).
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