Calculating Interest Rates and Future Values

In 1895, the first Putting Green Championship was held. The winner’s prize money was $160. In 2014, the winner’s check was $1,460,000.

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 %

If the winner’s prize increases at the same rate, what will it be in 2050? (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.)

Winner's prize in 2050 $