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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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