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3. Adjusting for inflation Consider golfers who led the PGA in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). Use the formula for converting nominal values into real values to convert the original U.S. dollar earnings of Casper, Miller, and Stadler to 2009 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Golfer Year 1968 Billy Casper 1974 Johnny Miller 1982 Craig Stadler 2009 Tiger Woods Nominal Winnings U.S. Dollars ($) U.S. CPI (1983 = 100) Winnings in 2009 U.S. Dollars ($) 34.8 49.3 96.5 214.5 205,169 353,022 446,462 10,508, 163 10,508,163

3. Adjusting for inflation Consider golfers who led the PGA in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). Use the formula for converting nominal values into real values to convert the original U.S. dollar earnings of Casper, Miller, and Stadler to 2009 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Golfer Year 1968 Billy Casper 1974 Johnny Miller 1982 Craig Stadler 2009 Tiger Woods Nominal Winnings U.S. Dollars ($) U.S. CPI (1983 = 100) Winnings in 2009 U.S. Dollars ($) 34.8 49.3 96.5 214.5 205,169 353,022 446,462 10,508, 163 10,508,163

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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3. Adjusting for inflation Consider golfers who led the PGA in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). Use the formula for converting nominal values into real values to convert the original U.S. dollar earnings of Casper, Miller, and Stadler to 2009 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Year 1968 Billy Casper 1974 Johnny Miller 1982 Craig Stadler 2009 Tiger Woods Golfer 4 Nominal Winnings U.S. Dollars ($) 205, 169 3. 353,022 446,462 10,508, 163 U.S. CPI (1983 = 100) Winnings in 2009 U.S. Dollars ($) 34.8 49.3 96.5 214.5 List the four golfers in order from lowest inflation-adjusted winnings to highest. Begin by choosing the golfer with the lowest inflation-adjusted winnings from the selection list labeled "4." 10,508,163
Transcribed Image Text:3. Adjusting for inflation Consider golfers who led the PGA in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). Use the formula for converting nominal values into real values to convert the original U.S. dollar earnings of Casper, Miller, and Stadler to 2009 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Year 1968 Billy Casper 1974 Johnny Miller 1982 Craig Stadler 2009 Tiger Woods Golfer 4 Nominal Winnings U.S. Dollars ($) 205, 169 3. 353,022 446,462 10,508, 163 U.S. CPI (1983 = 100) Winnings in 2009 U.S. Dollars ($) 34.8 49.3 96.5 214.5 List the four golfers in order from lowest inflation-adjusted winnings to highest. Begin by choosing the golfer with the lowest inflation-adjusted winnings from the selection list labeled "4." 10,508,163
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