the winner of the first annual Tom Morris Golf Invitational won $130 in the competition which was held in 1904. In 2015, the winner received $1,510,000. If the winner's purse continues to increase at the same interest rate, how much will the winner receive in 2055?

$44,068,955.96  

Explanation:

The annual growth rate can be determined using compound annual growth rate formula below

CAGR=(Succeeding year amount/preceding year amount)^1/n-1

n is the interval of years between the two amount which is 2015-1904=111

CAGR=(1510000/130)^(1/111)-1=8.80%

The amount the winner would receive in the year 2055 can be computed using the future value formula stated below:

FV=PV*(1+r)^n

PV is the present amount which is $1,510,000

r is the 8.80%

n=2055-2015=40 years

FV=$1,510,000*(1+8.80%)^40=$44,068,955.96  

if it is for a job, then you should learn everything you can about the job, like what does it involve, what qualification is required and how you are the right person for that job. dress appropriately for the interview. get plenty of rest the night before. good luck!

answer; commerce clearing house;