(Solved): solve according to enginnering economics formulas EXAMPLE 4.4 Comparing Prize Monies Earned at Diff ...

EXAMPLE 4.4 Comparing Prize Monies Earned at Different Points in Time The next table lists the winners and their prize monies in actual dollars from the Masters Golf Championship from 2006 to 2011. Convert the prize monies into equivalent dollars of 2011 In doing so, (a) Determine the growth rate of the prize money in actual dollars over the fiveyear period. (b) Find the equivalent prize money for each, stated in terms of year 2011 dollars. (c) Determine the growth rate of the prize money in constant (real) dollars. (d) If the current trend continues, what would the expected prize money be in actual dollars for the winner in $2015?$