Question
Can someone show me how to calculate this please. With steps 4. The movie The Godfather"...
Can someone show me how to calculate this please. With steps
4. The movie The Godfather" grossed $135 million in 1972. The movie "Spiderman IIT" grossed $336 million in 2007, Assuming a 4% rate of inflation on average, which one earned more in today's dollars?
Answers
We need to calculate the future value of these amounts with respect to their release years.
We need to use the following formula:
Future value = present value * (1+r)n
In which r is the rate of interest (here, r = 4% = 0.04) and n is the number of years.
The current year is 2019; so for The Godfather, 'n' = 2019 - 1972 = 47
So, the future value of the gross earning of Godfather =
Present value * (1+r)n = 135 million * (1+0.04)47 = 135 million * (1.04)47 = 135 million * 6.32 = 853.2 million.
For Spiderman III, 'n' = 2019 - 2007 = 12
So, the future value of the gross earning of Godfather =
Present value * (1+r)n = 336 million * (1+0.04)12 = 336 million * (1.04)12 = 336 million * 1.60 = 537.6 million.
Therefore, The Godfather earned more in today's dollar.
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