Babe Ruth was paid $80,000 in 1931. When it was pointed out that this was morethan President Hoover made, he replied, “I had a better year than he did.” Using a base 100 in 1967, the CPI was 45.6 in 1931 and 653.2 in 2010. What was the value of Babe Ruth’s 1931 salary in 2010 dollars? Is this value higher or lower than

$3,297,828, the average Major League Baseball player’s salary in 2010?