Mathematics, 07.06.2020 05:00 littlepotato10
In 1903, the winner of a competition was paid $50. In 2017, the winner's prize was $235,000. What will the winner's prize be in 2040 if the prize continues increasing at the same rate
Answers: 1
![FV=PV(1+r)^n\\\\\\r=\sqrt[n]{\dfrac{FV}{PV}} -1\\\\\\r=\sqrt[114]{\dfrac{235,000}{50}} -1\\\\\\r=\sqrt[114]{4700} -1\\\\\\r=1.077-1\\\\\\r=0.077](/tpl/images/0679/3890/5d4b3.png)
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In 1903, the winner of a competition was paid $50. In 2017, the winner's prize was $235,000. What wi...
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