If a $1 million dollar competitions came out roughly in 1985. Would would the equivalent prize money be today?
Many thanks!
If a $1 million dollar competitions came out roughly in 1985. Would would the equivalent prize money be today?
Many thanks!
The Current Value of Old Money is a useful site for this purpose.
The answer specifically to this question is approximately 2 million (depending on how you calculate it).
USA's CPI calculation is probably most relevant to you - as this measures inflation (in the US) according to the value of typical household purchases. (So, to be more precise, you might consider a different CPI that reflects relevant luxury purchases) Anyway, \2.09 million is a sensible value to choose from this table. Note that it's 2012, so you might consider adding ~2.4% for this year's CPI, giving you \$2.14 million.