3. Comparing salaries from different times Consider golfers who led the Professi

Question

3. Comparing salaries from different 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) 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, fill in the following table, making sure to round your responses to the nearest U.S. dollar Nominal Winnings (Dollars) 128,230 157,037 653,296 9,188,321 U.S. CPI Year 1963 Arnold Palme 1970 Lee Trevino 1986 Greg Norman 2000 Tiger Woods Golfer (1983100) Winnings in 2000 Dollars 30.6 38.8 109.6 172.2 9,188,321 True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is not the same as the golfer with the highest PGA winnings after adjusting for inflation True False

Explanation / Answer

Year Golfer Nominal US CPI WINNINGS Winning From US dollar 1963 Arnold 128230 30.6 721608 (128230/30.6 *172.2) 1970 Trevino 157037 38.8 696952.9 (157037/38.8* 172.20) 1986 Norman 653296 109.6 1026438 (653296 /109.6 *172.20) 2000 Woods 9188321 172.2 9188321 FALSE, the golfer is same

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