To convert the original earnings of Casper, Nicklaus, 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. Year Golfer Nominal Winnings U.S. CPI Winnings in 2016 Dollars (Dollars) (1983 = 100) 1968 Billy Casper 205,169 34.8 1973 Jack Nicklaus 308,362 44.4 1981 Tom Kite 375,699 90.9 2016 Dustin Johnson 9,365,185 240.0 9,365,185
To convert the original earnings of Casper, Nicklaus, 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. Year Golfer Nominal Winnings U.S. CPI Winnings in 2016 Dollars (Dollars) (1983 = 100) 1968 Billy Casper 205,169 34.8 1973 Jack Nicklaus 308,362 44.4 1981 Tom Kite 375,699 90.9 2016 Dustin Johnson 9,365,185 240.0 9,365,185
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 34P: The total price of purchasing a basket of goods in the United Kingdom over four years is: year...
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To convert the original earnings of Casper, Nicklaus, 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.
|
Year
|
Golfer
|
Nominal Winnings
|
U.S. CPI
|
Winnings in 2016 Dollars
|
|---|---|---|---|---|
|
(Dollars)
|
(1983 = 100)
|
|||
| 1968 | Billy Casper | 205,169 | 34.8 | |
| 1973 | Jack Nicklaus | 308,362 | 44.4 | |
| 1981 | Tom Kite | 375,699 | 90.9 | |
| 2016 | Dustin Johnson | 9,365,185 | 240.0 | 9,365,185 |
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