2007-03-28 04:24:49 · 3 answers · asked by Anonymous in Social Science ➔ Economics
$111,784.14
Conversion Factor: 1.4905
Percent Change: 49.05
2007-03-28 04:47:54 · answer #1 · answered by Giggly Giraffe 7 · 0⤊ 0⤋
A house in Detroit for 75,000 in 91, would be worth 5,000 in 2007. A condo in Miami South Beach for 75,000 in 91, would be worth today 2,5 Million. The average inflation rate is very misleading, if based on the same pile of goods. Nobody needed a handheld GPS, a flat screen TV or Cadillac Escalada, with 3 Miles to the Gallon in 91. A good measure is, that money looses its value by 50% every seven years. We need more to be satisfied, bigger houses, more energy, more electronics, more toys. To pay for a lower middle class familie in 91, you needed about 50,000, today its about 120,000.
2007-03-28 12:32:12 · answer #2 · answered by Anonymous · 0⤊ 1⤋
2007-1991=16
Historic Inflation rate: 1.03
1.03^16 = 1.605
1991 cost = 75,000
2007 cost = 120,353
2007-03-28 11:30:01 · answer #3 · answered by Bayou Brigadier 3 · 0⤊ 0⤋