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In 1895, the first a sporting event was held. The winner's prize money was $180. In...

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Finance

In 1895, the first a sporting event was held. The winner's prizemoney was $180. In 2007, the winner's check was $1,165,000. (Do notround your intermediate calculations.)

Required:

(a) What was the percentage increase per yearin the winner's check over this period?

(b) If the winner's prize increases at the samerate, what will it be in 2040?

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Transcribed Image Text

In 1895, the first a sporting event was held. The winner's prizemoney was $180. In 2007, the winner's check was $1,165,000. (Do notround your intermediate calculations.)Required:(a) What was the percentage increase per yearin the winner's check over this period?(b) If the winner's prize increases at the samerate, what will it be in 2040?

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