Question

in 1903, the winner of a competition was paid $50. in 2020, 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?

Answer 1

The winner's prize in 2040 would be $40,128.20 if the prize continues increasing at the same rate as from 1903 to 2020.

Step-by-step explanation:

To find the future prize in 2040, we need to determine the rate at which the prize has been increasing each year. The difference between the prize money in 1903 and 2020 is $235,000 - $50 = $234,950.

The number of years between 1903 and 2020 is 2020 - 1903 = 117 years.

The increase in prize money per year is $234,950 / 117 = $2,006.41.

To find the prize in 2040, we can calculate the number of years from 2020 to 2040, which is 2040 - 2020 = 20 years.

Then, we multiply the increase in prize money per year by the number of years: $2,006.41 * 20 = $40,128.20.

Therefore, the winner's prize in 2040 would be $40,128.20.

Answer 2

To find the winner's prize in 2040, calculate the rate of increase between the 2020 and 1903 prize and use this rate to predict the prize in 2040.

Step-by-step explanation:

To find the winner's prize in 2040, we need to determine the rate at which the prize has been increasing. We can do this by calculating the ratio of the 2020 prize to the 1903 prize:

Rate of increase = 2020 prize / 1903 prize = $235,000 / $50 = 4700

Now, we can use this rate of increase to predict the prize in 2040:

Prize in 2040 = 2020 prize * rate of increase = $235,000 * 4700 = $1,104,500,000