To find: The player with the largest salary in terms of 2005 dollars by converting Babe Ruth’s 1931 and Hank Aaron’s 1976 salary into 2005 dollars.
Answer to Problem CS
Solution: The Babe Ruth’s 1931 salary and Hank Aaron’s 1976 salary in terms of 2005 dollars is $1,027,895 and $858,084, respectively. The player Barry Bond’s has the largest salary than the Babe Ruth’s and Hank Aaron’s in terms of 2005 dollars.
Explanation of Solution
Calculation: The formula to convert the amount from one period to another period is shown below:
So, the Babe Ruth’s 1931 salary in terms of 2005 dollars is calculated as
Again, the Hank Aaron’s 1976 salary in terms of 2005 dollars is calculated as
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