| 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.) |
| 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.) |
| 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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