To convert the original earnings of Nicklaus, Trevino, and Stadler, use the formula for converting dollar figures from an earlier era into year 2017 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar.YearGolferNominal WinningsU.S. CPIWinnings in 2017 Dollars(Dollars)(1983 = 100)1965Jack Nicklaus140,75231.5 1970Lee Trevino157,03738.8 1982Craig Stadler446,46296.5 2017Justin Thomas9,921,560245.19,921,560 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.

converting yesterday's dollar into today's dollar: YX-> today = YX x (CPI today / CPIX) where…

Answered: Year Golfer Nominal Winnings U.S. CPI…

Macroeconomics: Principles and Policy (MindTap Course List)

13th Edition

ISBN:9781305280601

Author:William J. Baumol, Alan S. Blinder

Publisher:William J. Baumol, Alan S. Blinder

Chapter6: How Statisticians Measure Inflation

Section6.A: How Statisticians Measure Inflation

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To convert the original earnings of Nicklaus, Trevino, and Stadler, use the formula for converting dollar figures from an earlier era into year 2017 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 2017 Dollars
(Dollars)	(1983 = 100)
1965	Jack Nicklaus	140,752	31.5
1970	Lee Trevino	157,037	38.8
1982	Craig Stadler	446,462	96.5
2017	Justin Thomas	9,921,560	245.1	9,921,560

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.

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