In 1893, the first Green Jacket Golf Championship was held. The winner's prize money was $230. In 2015, the winner's check was $1,570,000. What was the annual percentage increase in the winner's check over this period?

The interest rate is 7.5%

Step-by-step explanation:

The winner’s prize was in 1893 = $230

Now the winner prize in 2015 = $1570000

Total time period = 2015 – 1893 = 122 years

We have given the initial prize and final price along with the time period of 122 years. Now interest rate is required to calculate.

Future value = present  value (1 + r)^n

1570000 = 230 (1 + r)^122

r = 0.075 or 7.5 %

The interest rate is 7.5%

in problems involving proportions, we can use cross products to test whether two ratios are equal and form a proportion. to find the cross products of a proportion, we multiply the outer terms, called the extremes, and the middle terms, called the means.

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step-by-step explanation:

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