golf calculator
golf calculator
Finance question...Please help!?
in 1895, the first golf champion was awarded $150. In 2009 the award was $1,260,000.
What is the annual compounded rate?
and if the rate stays the same, what will the prize be in 2040?
Answers are good, but explanations are what I need, I want to know how to do this, and if you know how to do it on a BAII financial calculator that would be awesome. thanks.
I don't have a BAII calculator, but I do have a HP 12C Financial one and the process is probably much the same.
150 is your initial payment. That's the Present Value, or PV. In my calculator I had to enter this as a negative number. You might have to enter it as a positive number on your calculator though.
1,260,000 is the future value. I entered this as a positive number.
114 (2009 - 1895) is the number of periods.
Then solve for INT. The answer came back as 8.248903%
So the answer is 8.248903%
I double checked this in Excel by using the formula of:
150 X 1.08248903^114 (that's 150 times 1.08248903 to the power of 114. The answer came back the same.
You solve for the year 2040 using the same functions.
Number of periods in this case are 145.
PV is still $150
INT = 8.248903%
FV in this case = $14,706,154.45
I double checked that one in excel also and the result was the same.
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