How much is it worth today?

[TruthSeeker]

I need to figure out the 2007 value of the following amounts from 2004: $84,000 and $100,200 (Canadian)

Can someone please point me to a website, formula etc that might get me started?

I've tried googling but without the correct terminology I am getting nowhere. So, even just giving me the correct terms would move me forward.

Thanks so much!

[Francesca R]

The year end CAD/USD exchange rate in 2004 was 1.2274

[Lothian]

I need to figure out the 2007 value of the following amounts from 2004: $84,000 and $100,200 (Canadian)

Can someone please point me to a website, formula etc that might get me started?

I've tried googling but without the correct terminology I am getting nowhere. So, even just giving me the correct terms would move me forward.

Thanks so much!you can use this (http://www.bankofcanada.ca/en/cpi.html)

Take the 2004 amount and divide by the total CPI for that period then multiply by the CPI for the period you want.

84000 in May 2004 in October 2007 is worth

84000/105 x 111.6= 89280


edited to add. Even easier go here (http://www.bankofcanada.ca/en/rates/inflation_calc.html)

[TruthSeeker]

Thank you! I owe you one!

It turns out the 2007 figures are $89,180 and $106,379

[roger]

What do you mean by value? In finance, you need to take into account compound interest. To figure out future value of money, you put in an interest rate of roughly 6-10%, depending on if you are calculating risk-free (bonds) or risk (stock market). I'm assuming that is not what you are looking for, but thought i would point this out, since when I read your question I immediately thought 'at what growth rate'?

[Lothian]

Thank you! I owe you one!

No problem I'll take 1%. Either figure :D

[TruthSeeker]

Roger,
The figures are salaries from 2004 - the lower is the 10th percentile and the higher is the median.

I need to know roughly what this translates into in 2007 dollars as more recent figures are not available. Would you suggest I revise my calculations?

Lothian...the check is in the mail, but with the holidays and all, don't be surprised if there is a delay or it mysteriously does not arrive.

[Francesca R]

Ah--I thought the question was about FX conversion . . .