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
Chapter1: Making Economics Decisions
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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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