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 Nelson, Nicklaus, and Pavin, use the formula for converting dollar figures from an earlier era into year 2021 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 1945 Byron Nelson 1973 Jack Nicklaus 1991 Corey Pavin 2021 John Rahm Golfer (Dollars) 63,336 308,362 979,430 7,705,933 U.S. CPI (1983 = 100) 18 44.4 136.2 264.7 Winnings in 2021 Dollars 7,705,933

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 Nelson, Nicklaus, and Pavin, use the formula for converting dollar figures from an earlier era into year 2021 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 1945 Byron Nelson 1973 Jack Nicklaus 1991 Corey Pavin 2021 John Rahm Golfer (Dollars) 63,336 308,362 979,430 7,705,933 U.S. CPI (1983 = 100) 18 44.4 136.2 264.7 Winnings in 2021 Dollars 7,705,933

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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