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, Miller, 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 U.S. CPI Year Golfer (Dollars) (1983 = 100) Winnings in 2016 Dollars 1945 Byron Nelson 63,336 18 844,480 1974 Johnny Miller 353,022 49.3 1,718,566 1981 Tom Kite 375,699 90.9 90,167,760 2016 Dustin Johnson 9,365,185 240.0 9,365,185

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, Miller, 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 U.S. CPI Year Golfer (Dollars) (1983 = 100) Winnings in 2016 Dollars 1945 Byron Nelson 63,336 18 844,480 1974 Johnny Miller 353,022 49.3 1,718,566 1981 Tom Kite 375,699 90.9 90,167,760 2016 Dustin Johnson 9,365,185 240.0 9,365,185

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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