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Homework answers / question archive / Consider golfers who led the Professional Golfers' Association of America (PGA) in winnings at different points in time

Consider golfers who led the Professional Golfers' Association of America (PGA) in winnings at different points in time

Economics

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 Casper, Miller, and Pavin, use the formula for converting dollar figures from an earlier era into today's (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. 
Year              Golfer           Nominal Winnings            U.S. CPI         Winnings in 2000 Dollars   

                                                 (Dollars)                 (1983 = 100) 

1968          Billy Casper        205,169                            34.8

1974          Johnny Miller      353,022                            49.3

1991          Corey Pavin        979,430                           136.2

2000          Tiger Woods        9,188,321                        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. 
 

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