Problem 4-13: Calculating Growth Rates and Future Values [LO 1, 3]

In 1897, the first Green Jacket Golf Championship was held. The winner's prize money was $225. In 2020, the winner's check was $2,6.

What was the growth rate of the winner's prize money from 1897 to 2020?

A) 10%
B) 20%
C) 30%
D) 40%