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 Palmer, Trevino, and Norman, 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 1963 Arnold Palmer 1970 Lee Trevino 1986 Greg Norman 2016 Dustin Johnson Golfer O True (Dollars) 128,230 157,037 653,296 9,365,185 False U.S. CPI (1983= 100) 30.6 38.8 109.6 240.0 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

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 Palmer, Trevino, and Norman, 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 1963 Arnold Palmer 1970 Lee Trevino 1986 Greg Norman 2016 Dustin Johnson Golfer O True (Dollars) 128,230 157,037 653,296 9,365,185 False U.S. CPI (1983= 100) 30.6 38.8 109.6 240.0 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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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 Palmer, Trevino, and Norman, 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
Golfer
Year
1963 Arnold Palmer
1970
Lee Trevino
1986
Greg Norman
2016 Dustin Johnson
O True
(Dollars)
128,230
157,037
653,296
9,365,185
O False
U.S. CPI
(1983= 100)
30.6
38.8
109.6
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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