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Percentage increase in the prize money

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1) You wish to deposit an amount now that will accumulate to $10,000 in 10 years. Determine the deposit, if interest is 6.5% compounded monthly. (Round your answer to 2 decimal points)

2) In 1970, the prize money of the Canadian Open Tennis tournament was $15,000. In 2015, the prize money was $3,776,270.

a) What was the percentage increase in the prize money over this period? Show your work. (Use a Financial calculator to arrive at the answers. Round your final answer to 2 decimal places.)

b) If the winner's prize continues to increase at the same rate, what will it be in 2040? Show your work. (Use a Financial calculator to arrive at the answers. Round your final answer to 2 decimal places.)

Reference no: EM132666044

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