IN 1895, THE FIRST U.S. OPEN GOLF CHAMPIONSHIP WAS HELD. THE WINNER'S PRIZE MONEY WAS $150..
In 1895, the first U.S. Open Golf Championship was held. The winner’s prize money was $150. In 2006, the winner’s check was $1,225,000. What was the annual percentage increase in the winner’s check over this period? If the winner’s prize increases at the same rate, what will it be in 2040?