ENGR.ECONOMIC ANALYSIS
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3. Adjusting for inflation
Consider golfers who led the PGA in winnings at different points in time. Note that the winnings are nominal figures ( unadjusted for inflation).Use the formula for converting nominal values to convert the original U.S dollar earnings of Nicklaus, Watson, and Woods ('00) to 2009 U.S. dollars. Using those figures,fill in the following table , make sure to round your responses to the nearest U.S. dollar.
Year
1973
1980
2000
2009
Golfer
Jack Nicklaus
Tom Watson
Tiger Woods
Tiger Woods
Nominal Winnings U.S. Dollars ($)
308,362
530,808
9,188,321
10,508,163
U.S. CPI (1983=100)
44.4
82.4
172.2
214.5
Winnings in 2009 U.S. Dollars ($)
10,508,163
List the for 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."
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3. Adjusting for inflation
Consider golfers who led the PGA in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). Use the
formula for converting nominal values into real values to convert the original U.S. dollar earnings of Nicklaus, Watson, and Woods ('00) to 2009 U.S.
dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar.
Year
1973
1980
2000
2009
Golfer
Jack Nicklaus
Tom Watson
Tiger Woods
Tiger Woods
4.
Keep the Highest / 2
Nominal Winnings U.S. Dollars ($) U.S. CPI (1983 = 100) Winnings in 2009 U.S. Dollars ($)
44.4
3.
308,362
530,808
9,188,321
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."
82.4
172.2
214.5
2.
10,508,163
1.
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Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
This is the correct chart. Can you redo the answer wth this information?
Transcribed Image Text:Back to Assignment
Attempts
3. Adjusting for inflation
Consider golfers who led the PGA in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). Use the
formula for converting nominal values into real values to convert the original U.S. dollar earnings of Nicklaus, Watson, and Woods ('00) to 2009 U.S.
dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar.
Year
1973
1980
2000
2009
Golfer
Jack Nicklaus
Tom Watson
Tiger Woods
Tiger Woods
4.
Keep the Highest / 2
Nominal Winnings U.S. Dollars ($) U.S. CPI (1983 = 100) Winnings in 2009 U.S. Dollars ($)
44.4
3.
308,362
530,808
9,188,321
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."
82.4
172.2
214.5
2.
10,508,163
1.
Grade It Now
Save & Continue
Continue without saving
Solution
by Bartleby Expert
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