Question
3. Converting dollars from one year to another Consider golfers who led the PGA in winnings in different years. Note that the winnings are in
3. Converting dollars from one year to another
Consider golfers who led the PGA in winnings in different years. Note that the winnings are in the dollars earned in a particular year. The formula for converting dollars from one year to another is as follows:
AdjustedEarningsAdjustedEarnings | == | OriginalEarningsCurrentYearIndexOriginalYearIndexOriginalEarningsCurrentYearIndexOriginalYearIndex |
Complete the following table by converting the original U.S. dollar earnings of Nicklaus, Trevino, and Norman to 2009 U.S. dollars. (Hint: Round your calculations up to the nearest U.S. dollar.)
Year | Golfer | Nominal Winnings U.S. Dollars ($) | U.S. CPI (1983 = 100) | Winnings in 2009 U.S. Dollars ($) |
---|---|---|---|---|
1965 | Jack Nicklaus | 140,752 | 31.5 | |
1970 | Lee Trevino | 157,037 | 38.8 | |
1986 | Greg Norman | 653,296 | 109.6 | |
2009 | Tiger Woods | 10,508,163 | 214.5 | 10,508,163 |
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."
4. | 3. | 2. | 1. |
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