In 1903, the winner of a competition was paid $50. In 2017, 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

The prize in 2040 would be $1,293,986.

Step-by-step explanation:

We can calculate the annual increase rate as if it was a compound interest.

Then we have a period of 2017-1903=114 years, where the prize goes from $50 to $235,000.

We can then calculate this rate r as:

We can calculate then the prize, increasing at the same rate, from 2017 to 2040.

The number of periods is n=2040-2017=23.

Then we have:

The prize in 2040 would be $1,293,986.

3, 12, 48, 384, 1536, 6144, 24576, 98304

step-by-step explanation:

just keep timing it by 4.