Wednesday, January 16, 2008
Today's money
I was flipping through some financial stuff and found how to convert the value the dollar had in 19-whatever to "today's dollars." Example: if say, a bag of fertilizer or something cost $1.50 in 1965, what would that be in 2007 money? Answer: $9.87. The tool is the consumer price index.
So, I was looking at some old race results and noticed the days when the Chadd brothers (Mike and Dean) dominated the 360 sprint class at Knoxville back in the late 80's.
Mike won last season at Eagle Raceway, paying $1000. The one day I found an actual payoff amount was for Mike's win on 5/29/87. He won $450 according to the article. What's $450 in 2007 dollars?
$817.21.
While there's a LOT of other factors in the cost of racing...seeing what the pay was then converted to today's money is an interesting start in the discussion.
So, I was looking at some old race results and noticed the days when the Chadd brothers (Mike and Dean) dominated the 360 sprint class at Knoxville back in the late 80's.
Mike won last season at Eagle Raceway, paying $1000. The one day I found an actual payoff amount was for Mike's win on 5/29/87. He won $450 according to the article. What's $450 in 2007 dollars?
$817.21.
While there's a LOT of other factors in the cost of racing...seeing what the pay was then converted to today's money is an interesting start in the discussion.
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