Answer Happy

In 1895, the first U.S. Open Golf Championship was held. The winner's prize money was $150. In 2019, the winner's check was $2,250,000 a. What was the annual percentage increase 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 2039? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Annual percentage b. Prize money

You have just made your first $5,000 contribution to your individual retirement account. Assume you earn a 10.2 percent rate of return and make no additional contributions. a. What will your account be worth when you retire in 40 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What if you wait 10 years before contributing? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Account value: b. Account value