(Answered) In 1895 the first a sporting event was held the winners

Finance

In 1895, the first a sporting event was held. The winner's prize money was $130. In 2007, the winner's check was $1,178,000. (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)

8.58

8.48

8.53

8.38

-24.13

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

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