Verizon 2:10 PM 44% a courses.aplia.com roblem Solving: Measuring the Cost of Li

Question

Verizon 2:10 PM 44% a courses.aplia.com roblem Solving: Measuring the Cost of Living raded Assignment | Read Chapter 6 | Back to Assignment Due Tuenday 03 25.38 at 1100 Arcempts 3. Cemparing salaries from efferent times 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). Keep the Highest /3 To convert the original earnings of Palmer, Trevino, and Norman, use the formula for converting dollar figures from an earlier era into year 2000 U.S. dollars. Using those figures, fli in the following table, making sure to round your responses to the nearest U.S. doliar Nominal Winnings us 190 Lee 36 Grep Norman 2000 Tiger Woods Treving 57,037 918,321 ,388,321 True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is the same as the golfer with the highest PGA winnings after adjusting for inflation

Explanation / Answer

Ans:

1) calculation of winnings in 2000 dollars.

2) True

Golfer with highest GPA winnings in nominal dollars is the same as golfer with highest GPA winnings after adjustment for inflation.

Year Golfer Nominal winnings U.S. CPI calculation Winnings in 2000 dollars 1963 Armold Palmer $128,230 30.6 = $128,230 * (100/30.6) * (172.2/100) $721,608 1970 Lee $157,037 38.8 = $157,037 * (100/38.8) * (172.2/100) $696,953 1986 Greg $653,296 109.6 = $653,296 * (172.2 / 109.6) $1,026,438 2000 Tiger woods $9,188,321 172.2 $9,188,321 $9,188,321

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