Question

In 1895, the first Putting Green Championship was held. The winner’s prize money was $150. In 2016, the winner’s check was $1,410,000. a. What was the percentage increase per year 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 2048? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

A coin sold at auction in 2017 for $6,581,000. The coin had a face value of $10 when it was issued in 1791 and had previously been sold for $235,000 in 1968.

At what annual rate did the coin appreciate from its first minting to the 1968 sale? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
b.	What annual rate did the 1968 buyer earn on his purchase? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
c.	At what annual rate did the coin appreciate from its first minting to the 2017 sale? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Answer 1