2006-12-12 06:55:01 · 5 answers · asked by ♥Bella♥ 3 in Business & Finance ➔ Other - Business & Finance
This info would be based on the consumer price index.
ftp://ftp.bls.gov/pub/ special.requests/cpi/ cpiai.txt (no spaces)
To use the CPI:
http://www.ci.seattle.wa.us/financedepartment/cpi/overview.htm
Last year's CPI = 195.3
1955 CPI = 26.8
195.3-26.8 = 168.5
168.5/195.3 = 86.3% increase
($14 x 195.3) / 26.8 = $102.02
$14 in 1955 is the equivalent of $102.02 in 2005.
Based on the conversion rates today, $102.02 is 51.75 GBP.
http://finance.yahoo.com/currency/convert?amt=102.02&from=USD&to=GBP&submit=Convert
2006-12-12 07:10:49 · answer #1 · answered by Phoenix, Wise Guru 7 · 1⤊ 0⤋
$1.00 in 1955 had about the same buying power as $7.43 in 2006. Therefore $14 in 1955 would be worth $104.02 in 2006
Annual inflation over this period was about 4.01%.
There are problems in comparing the relative value of sums of money at different dates. Indicators of relative value must assume some standard "basket of goods", with weightings for expenditure on various items.
With different purchasing patterns between individuals, and changing purchase patterns over time, any such assumption is questionable.
As an example how many DVD players could you buy for $100 in 1996 and how many in 2006? Answer: less than a quarter of one player could be bought in 1996 (lowest price $410) and in 2006 you can buy at least 5 (lowest price on Amazon today is $19.99).
Does this mean $100 is worth 5 times more today than 10 years ago, of course not.... $100 is worth less today than 10 years ago!
The cost of manufacturing DVD players has simply gone down due to mass production and competition.
2006-12-12 07:04:20 · answer #2 · answered by dollydealer1 2 · 2⤊ 0⤋
in 1955 $14 would have been 1 weeks` wage. In 2006 its 3 hours` wage.
2006-12-12 07:03:13 · answer #3 · answered by Jomtien C 4 · 0⤊ 0⤋
I can't give you any idea of 1955 money in today's value, but 5 shillings (25 pence) was known as a dollar because the exchange rate 1940-1965 (ish) was pretty stable at around $4 to the £, so $14 would be around £3, 10 shillings. (£3.50)
2006-12-12 07:04:09 · answer #4 · answered by ♣ My Brainhurts ♣ 5 · 0⤊ 0⤋
Multiply by 22 in each case.Standard of living index has increased by factor of 22.Answer is $308.Second part of your question is ambivalent but if you want to know what $308 was worth in .£ you would need to know exchange rate at that time.
2006-12-12 07:08:04 · answer #5 · answered by SAMMY 3 · 0⤊ 0⤋