In 1895, the first a sporting event was held. The winner's prize money was $130. In...

In 1895, the first a sporting event was held. The winner's prize money was $130. In 2007, the winner's check was $1,173,000. (Do not round your intermediate calculations.)

Required:
(a)	What was the percentage increase per year in the winner's check over this period?

	(Click to select) 8.52 8.57 -24.12 8.47 8.37

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

	(Click to select) 17,430,895.58 17,697,884.24 130.00 16,653,153.67 17,167,814.42

Expert Solution

a)

Hence, correct option is 8.47

b)

Hence, correct option is $17,167,814.42

jeff jeffy answered 4 months ago

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