Basicly what I am looking for is if i payed $18,250,000 for some thing in 1848 what would that be compared to spending today.
2006-12-04 16:42:18 · 2 answers · asked by instdezertrat 1 in Social Science ➔ Economics
2006 price=1848 price*(2006 CPI/1848 CPI)
2006 price=$18,250,000*(604.3/26)
=$424172115.38461538461538461538462
2006 dollars=$424,172,115.38 (rounded off to the nearest cent)
2006-12-04 17:05:22 · answer #1 · answered by Answerer17 6 · 0⤊ 0⤋
It would like spending roughly (in 2005) $354,935,208
Using change in GDP to Real GDP from 1848 to 2005
18 million was an even more astronomical sum in 1848 then 354 million is today. The total GDP of the US in 1848 was only 2 billion. Today it is 12.5 trillion. 18 million would have been the equivalent of nearly 10 percent of the entire gross domestic product. Today that would be nearly 1.2 trillion dollars.
Realize the relative wealth of the world has increased dramatically since 1848.
2006-12-05 01:15:38 · answer #2 · answered by Cort 2 · 0⤊ 0⤋