need a smart mathematical mind here ...

nalani

nalani

Well-Known Member
The first person who came to mind was HomeLAN, but I'm sure there are others out there who can help me.

How do I figure out how much an amount (in dollars) back in 1960 would be today? For example, if there were a natural disaster in 1960 that caused an estimated $26 million in property damages, how much would that be today?

Thanks for the help.
 
Hmm.. those two calculators are a bit off from one another .. should I go for the mean? LOL
 
The long-hand way to do it is to look up the inmflation rates for each year between then and now, and then run the math. Let's say you were going from 1960 to 1963, and you wanted $25,000 paid in 1960 converted to 1963 dollars. Let's also say the rates of inflation were:

1960 - 3%
1961 - 4%
1962 - 2%
1963 - 5%

The equation would be 25,000 X1.03 X 1.04 X 1.02 X 1.05. (=28,681.38).

Want inflation data?

http://inflationdata.com/Inflation/Inflation_Rate/HistoricalInflation.aspx
 
HomeLAN said:
The long-hand way to do it is to look up the inmflation rates for each year between then and now, and then run the math. Let's say you were going from 1960 to 1963, and you wanted $25,000 paid in 1960 converted to 1963 dollars. Let's also say the rates of inflation were:

1960 - 3%
1961 - 4%
1962 - 2%
1963 - 5%

The equation would be 25,000 X1.03 X 1.04 X 1.02 X 1.05. (=28,681.38).

Want inflation data?

http://inflationdata.com/Inflation/Inflation_Rate/HistoricalInflation.aspx
Click to expand...

Not only the best person to answer the question .... but quite likely the only one who actually cares.
 
sooo .. umm... I'm kinda lame here LOL ... could you just tell me what $50 mil in 1960 would be today? LOL ... *gets dizzy from the myriad of numbers and equations*

How am I? ... I'm .. good. Lots of changes in my lil life, actually ... but life is good now. Working a lot .. being with my kids a lot .. being with friends a lot .. and just being LOL .. how are you? How's your family doing?
 
Professur said:
Not only the best person to answer the question .... but quite likely the only one who actually cares.
Click to expand...

:D:D LMAO

well, I thank you for the help too Prof .. I knew I could come here and get answers ... this is full of some of the smartest people I know LOL
 
What happened to the 26 mil you were asking about? Damn gov't projects. nearly 50 years ago and the price is still doubling hourly.
 
$335,359,279.35 - you lazy one, you.

Code: 
A	B	C	 amount Old D*C 
Year	Avg Inflation rate	1+rate	 $50,000,000.00 
1960	1.46	1.0146	 $50,730,000.00 
1961	1.07	1.0107	 $51,272,811.00 
1962	1.2	1.012	 $51,888,084.73 
1963	1.24	1.0124	 $52,531,496.98 
1964	1.28	1.0128	 $53,203,900.14 
1965	1.59	1.0159	 $54,049,842.16 
1966	3.01	1.0301	 $55,676,742.41 
1967	2.78	1.0278	 $57,224,555.84 
1968	4.27	1.0427	 $59,668,044.38 
1969	5.46	1.0546	 $62,925,919.60 
1970	5.84	1.0584	 $66,600,793.31 
1971	4.3	1.043	 $69,464,627.42 
1972	3.27	1.0327	 $71,736,120.74 
1973	6.16	1.0616	 $76,155,065.77 
1974	11.03	1.1103	 $84,554,969.53 
1975	9.2	1.092	 $92,334,026.72 
1976	5.75	1.0575	 $97,643,233.26 
1977	6.5	1.065	 $103,990,043.42 
1978	7.62	1.0762	 $111,914,084.73 
1979	11.22	1.1122	 $124,470,845.04 
1980	13.58	1.1358	 $141,373,985.79 
1981	10.35	1.1035	 $156,006,193.32 
1982	6.16	1.0616	 $165,616,174.83 
1983	3.22	1.0322	 $170,949,015.66 
1984	4.3	1.043	 $178,299,823.34 
1985	3.55	1.0355	 $184,629,467.06 
1986	1.91	1.0191	 $188,155,889.88 
1987	3.66	1.0366	 $195,042,395.45 
1988	4.08	1.0408	 $203,000,125.19 
1989	4.83	1.0483	 $212,805,031.24 
1990	5.39	1.0539	 $224,275,222.42 
1991	4.25	1.0425	 $233,806,919.37 
1992	3.03	1.0303	 $240,891,269.03 
1993	2.96	1.0296	 $248,021,650.59 
1994	2.61	1.0261	 $254,495,015.67 
1995	2.81	1.0281	 $261,646,325.61 
1996	2.93	1.0293	 $269,312,562.95 
1997	2.34	1.0234	 $275,614,476.93 
1998	1.55	1.0155	 $279,886,501.32 
1999	2.19	1.0219	 $286,016,015.70 
2000	3.38	1.0338	 $295,683,357.03 
2001	2.83	1.0283	 $304,051,196.03 
2002	1.59	1.0159	 $308,885,610.05 
2003	2.27	1.0227	 $315,897,313.40 
2004	2.68	1.0268	 $324,363,361.40 
2005	3.39	1.0339	 $335,359,279.35
 
We're doing fine, thanks. Same shit, different day - which is damn healthy when you;re raising kids, as you know.

Just remember, smart-ass does not necessarily equal smart. :p
 
Professur said:
What happened to the 26 mil you were asking about? Damn gov't projects. nearly 50 years ago and the price is still doubling hourly.
Click to expand...

LOL .. as usual, I got the number wrong LOL
 
HomeLAN said:
$335,359,279.35 - you lazy one, you.

Code: 
A	B	C	 amount Old D*C 
Year	Avg Inflation rate	1+rate	 $50,000,000.00 
1960	1.46	1.0146	 $50,730,000.00 
1961	1.07	1.0107	 $51,272,811.00 
1962	1.2	1.012	 $51,888,084.73 
1963	1.24	1.0124	 $52,531,496.98 
1964	1.28	1.0128	 $53,203,900.14 
1965	1.59	1.0159	 $54,049,842.16 
1966	3.01	1.0301	 $55,676,742.41 
1967	2.78	1.0278	 $57,224,555.84 
1968	4.27	1.0427	 $59,668,044.38 
1969	5.46	1.0546	 $62,925,919.60 
1970	5.84	1.0584	 $66,600,793.31 
1971	4.3	1.043	 $69,464,627.42 
1972	3.27	1.0327	 $71,736,120.74 
1973	6.16	1.0616	 $76,155,065.77 
1974	11.03	1.1103	 $84,554,969.53 
1975	9.2	1.092	 $92,334,026.72 
1976	5.75	1.0575	 $97,643,233.26 
1977	6.5	1.065	 $103,990,043.42 
1978	7.62	1.0762	 $111,914,084.73 
1979	11.22	1.1122	 $124,470,845.04 
1980	13.58	1.1358	 $141,373,985.79 
1981	10.35	1.1035	 $156,006,193.32 
1982	6.16	1.0616	 $165,616,174.83 
1983	3.22	1.0322	 $170,949,015.66 
1984	4.3	1.043	 $178,299,823.34 
1985	3.55	1.0355	 $184,629,467.06 
1986	1.91	1.0191	 $188,155,889.88 
1987	3.66	1.0366	 $195,042,395.45 
1988	4.08	1.0408	 $203,000,125.19 
1989	4.83	1.0483	 $212,805,031.24 
1990	5.39	1.0539	 $224,275,222.42 
1991	4.25	1.0425	 $233,806,919.37 
1992	3.03	1.0303	 $240,891,269.03 
1993	2.96	1.0296	 $248,021,650.59 
1994	2.61	1.0261	 $254,495,015.67 
1995	2.81	1.0281	 $261,646,325.61 
1996	2.93	1.0293	 $269,312,562.95 
1997	2.34	1.0234	 $275,614,476.93 
1998	1.55	1.0155	 $279,886,501.32 
1999	2.19	1.0219	 $286,016,015.70 
2000	3.38	1.0338	 $295,683,357.03 
2001	2.83	1.0283	 $304,051,196.03 
2002	1.59	1.0159	 $308,885,610.05 
2003	2.27	1.0227	 $315,897,313.40 
2004	2.68	1.0268	 $324,363,361.40 
2005	3.39	1.0339	 $335,359,279.35
Click to expand...


*copies all this shit down so I look extremely intelligent and impressive*

thanks Homie *hug*
 
Too late. I threw out the spreadsheet, and I ain't typing all those inflation rates again to do 26 mil.
 
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