Solve for the unknown number of years in each of the following (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.):

Solve for the unknown number of years in each of the following (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.):

 

Present Value Years Interest Rate Future Value
$ 540 [removed] 9 % $ 1,317
790 [removed] 10 1,743
18,200 [removed] 17 277,707
21,300 [removed] 15 414,506

 

In 1895, the first Putting Green Championship was held. The winner’s prize money was $230. In 2014, the winner’s check was $1,450,000.

 

What was the percentage increase per year in the winner’s check over this period? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

 

  Increase per year [removed] %

 

If the winner’s prize increases at the same rate, what will it be in 2030? (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.)

 

  Winner’s prize in 2030 $ [removed]

 

 

 

 

 

 

In 1895, the first Putting Green Championship was held. The winner’s prize money was $230. In 2014, the winner’s check was $1,450,000.

 

What was the percentage increase per year in the winner’s check over this period? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

 

  Increase per year [removed] %

 

You have just made your first $5,600 contribution to your retirement account. Assume you earn a return of 11 percent per year and make no additional contributions.

 

What will your account be worth when you retire in 39 years? (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)

 

  Future value $ [removed]

 

What if you wait 10 years before contributing? (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)

 

  Future value $ [removed]

 

You expect to receive $43,000 at graduation in two years. You plan on investing it at 9.75 percent until you have $178,000.

 

How long will you wait from now? (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.)

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