3. Comparing salaries from different times Consider golfers who led the Professional Golfers' Association of America (PGA) in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). To convert the original earnings of Casper, Nicklaus, and Kite, use the formula for converting dollar figures from an earlier era into year 2016 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Nominal Winnings Year 1968 1973 1981 2016 Golfer Billy Casper Jack Nicklaus Tom Kite Dustin Johnson (Dollars) 205,169 308,362 375,699 9,365,185 U.S. CPI (1983= 100) 34.8 44.4 90.9 240.0 Winnings in 2016 Dollars 9,365,185 True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is not the same as the golfer with the

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3. Comparing salaries from different times
Consider golfers who led the Professional Golfers' Association of America (PGA) in winnings at different points in time. Note that the winnings are
nominal figures (unadjusted for inflation).
To convert the original earnings of Casper, Nicklaus, and Kite, use the formula for converting dollar figures from an earlier era into year 2016 U.S.
dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar.
Nominal Winnings
(Dollars)
205,169
308,362
Year
1968
1973
1981
2016
Golfer
Billy Casper
Jack Nicklaus
Tom Kite
Dustin Johnson
True
375,699
9,365,185
O False
U.S. CPI
(1983 = 100)
34.8
44.4
90.9
240.0
Winnings in 2016 Dollars
True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is not the same as the golfer with the
highest PGA winnings after adjusting for inflation.
9,365,185
Transcribed Image Text:3. Comparing salaries from different times Consider golfers who led the Professional Golfers' Association of America (PGA) in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). To convert the original earnings of Casper, Nicklaus, and Kite, use the formula for converting dollar figures from an earlier era into year 2016 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Nominal Winnings (Dollars) 205,169 308,362 Year 1968 1973 1981 2016 Golfer Billy Casper Jack Nicklaus Tom Kite Dustin Johnson True 375,699 9,365,185 O False U.S. CPI (1983 = 100) 34.8 44.4 90.9 240.0 Winnings in 2016 Dollars True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is not the same as the golfer with the highest PGA winnings after adjusting for inflation. 9,365,185
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