There is a golf tournament in the US that started in 1895. That first year the...

There is a golf tournament in the US that started in 1895. That first year the winner received $150. In 2010, the winner received $1,350,000.
1. What was the percentage increase per year, from 1895 to 2010, over that period of 115 years?

If the winner’s prize continues to increase at the same rate, what will it be in the year 2040, or 30 years from now?

First Simple Bank pays 6% simple interest on its account balances. Second Compound Bank pays 6% interest compounded annually. If you made a $57,000 deposit in each bank, how much more money would you earn from your Second Compound Bank account at the end of 10 years?

You want to buy a Ferrari that only costs $195,000. You’ve already saved $45,000 and plan to invest it today, in an account that pays 5.3% annual interest. If you don’t touch this money, nor add any additional funds into the account, how long will it be before you can buy your Ferrari?

Expert Solution

Q 1
a	Percentage increase over 115 years	8.24%
	Value of prize after 30 years	$14,516,947.05

Q2	Accumulated amount in First Simple Bank	91200
	Accumulated amount in Second Compound Bank	$102,078.32
	Additional amount earned	$10,878.32

Q 3	Number of years before you can buy the Ferrari	28.39

Workings and Formulae in Excel

jeff jeffy answered 1 year ago

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