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 Palmer, Nicklaus, and Pavin 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.YearGolferNominal Winnings U.S. Dollars ($)U.S. CPI (1983 = 100)Winnings in 2009 U.S. Dollars ($)1963Arnold Palmer128,23030.6 1972Jack Nicklaus320,54241.8 1991Corey Pavin979,430136.2 2009Tiger Woods10,508,163214.510,508,163 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. _____ Consider golfers who led the PGA in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). Use theformula for converting nominal values into real values to convert the original U.S. dollar earnings of Palmer, Nicklaus, and Pavin 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 Golfer1963 Arnold Palmer1972 Jack Nicklaus1991Corey Pavin2009Tiger WoodsfNominal Winnings U.S. Dollars ($) U.S. CPI (1983 = 100) Winnings in 2009 U.S. Dollars ($)30.641.8136.2214.53.128,230320,542979,43010,508,163List the four golfers in order from lowest inflation-adjusted winnings to highest. Begin by choosing the golfer with the lowest inflation-adjustedwinnings from the selection list labeled "4."2.10,508,1631.

Real value is the value without taking the inflation into account. Nominal value is the value which…

Answered: Consider golfers who led the PGA in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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 Palmer, Nicklaus, and Pavin 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	Golfer	Nominal Winnings U.S. Dollars ($)	U.S. CPI (1983 = 100)	Winnings in 2009 U.S. Dollars ($)
1963	Arnold Palmer	128,230	30.6
1972	Jack Nicklaus	320,542	41.8
1991	Corey Pavin	979,430	136.2
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. _____

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 Palmer, Nicklaus, and Pavin 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 Golfer
1963 Arnold Palmer
1972 Jack Nicklaus
1991
Corey Pavin
2009
Tiger Woods
f
Nominal Winnings U.S. Dollars ($) U.S. CPI (1983 = 100) Winnings in 2009 U.S. Dollars ($)
30.6
41.8
136.2
214.5
3.
128,230
320,542
979,430
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."
2.
10,508,163
1.

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