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What was percentage increase in prize money over the period

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Problem 1. You are scheduled to receive $15000 in two years. When you receive it, you will invest it for six more years at 7.1% per year. How much will you have in 8 years?

Problem 2. In 1970, the prize money of American Tournament was $15000. In 2015, prize money was $3776270.what was percentage increase in prize money over this period? If winner's prize continue to increase at same rate what will it be in 2040?

Reference no: EM132958213

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