currency/inflation

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currency/inflation

Postby saladgoat » Mon Apr 23, 2012 3:42 pm

I think it would be cool if you could add a conversion for old money amounts to modern amounts. For instance, a millionaire in 1920 was worth a whole lot more than a millionaire today. I'd like to be able to type in an amount and a year and have the converter tell me how much that is worth today.
I realize that it would likely be in American dollars, but that's ok. It's really just a reference.
Thanks!
saladgoat
 

Re: currency/inflation

Postby spider » Thu Apr 26, 2012 2:48 am

I think you are referring to the discounted present and future value calculators:

For example, you could buy as many goods and services for 1 million (in whatever currency) Today, as you could in 1920 (92 years ago) for 65,913.64 with average annual inflation rate of three (3) percent. You can use the discounted present value calculator for this type of calculations: http://www.aqua-calc.com/page/discounted-present-value-calculator

Another example, consider depositing 1,000,000 (in any currency) in 1920 with three (3) percent annual interest rate. Then, Today your account would hold 15,171,365.56. Here, I've used this future value calculator: http://www.aqua-calc.com/page/future-value-calculator
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spider
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