To find out the prize money the equation given in the question can be used.
Winning prize money in 1961 is $188.59.
Let [tex]\rm \bold y[/tex] represent the prize money and x represent the number for year.
From the question the winning prize money equation can be given by the equation (1) which is formulated below,
[tex]\rm y = 10 \times (1.0605)^x....... (1)[/tex]
y = Price money as multiple of thousand dollars.
x = Number of years.
For 1961 the prize money can be given found out by putting in the equation (1) . From the the given hint we can write that x = 50 for year 1961. So from equation (1) we can write that
[tex]\rm y = 10\times (1.0605)^{50}\\y =10\times 18.8596\\\rm y = 188.59 $[/tex]
So the winning prize money in 1961 is $188.59.
For more information please refer to the link below:
https://brainly.com/question/20821733
