96.5k views
4 votes
How much were 15 and 9 dollars in 1845?
were they worth more/less at that time and why?

User SMathew
by
8.5k points

1 Answer

4 votes

Answer:

0.47

Step-by-step explanation:

According to the Bureau of Labor Statistics consumer price index, today's prices in 1845 are 97.03% lower than average prices throughout 2019. The dollar experienced an average inflation rate of 2.04% per year during this period, meaning the real value of a dollar decreased.

In other words, $15.90 in 2019 is equivalent in purchasing power to about $0.47 in 1845, a difference of $-15.43 over 174 years.

The 1845 inflation rate was 1.33%. The current inflation rate (2018 to 2019) is now 2.00%1. If this number holds, $15.90 today will be equivalent in buying power to $16.22 next year. The current inflation rate page gives more detail on the latest official inflation rates.

User Yamini
by
7.7k points

No related questions found