Not for school but I want to know if I did this right...
I'm not a fan of statistics but whenever an article or something puts in how there's an increase of funding after X years for whatever cause I always wonder about the true value of the increase since the rate of inflation is constantly rising.
So here's an example:
"Since enactment, Congress increased federal funding of education, from $42.2 billion in 2001 to $54.4 billion in 2007"
I went here & put in the info:
http://inflationdata.com/inflation/Inflation_Calculators/Inflation_Calculator.asp
$42.2billion was worth about $48.8. (Right?)
54.4 - 48.8=5.6
So considering the ROI, funding only increased about $5.6 billion not $12.2 billion as one would assume reading the statement. Or no?
I'm not a fan of statistics but whenever an article or something puts in how there's an increase of funding after X years for whatever cause I always wonder about the true value of the increase since the rate of inflation is constantly rising.
So here's an example:
"Since enactment, Congress increased federal funding of education, from $42.2 billion in 2001 to $54.4 billion in 2007"
I went here & put in the info:
http://inflationdata.com/inflation/Inflation_Calculators/Inflation_Calculator.asp
$42.2billion was worth about $48.8. (Right?)
54.4 - 48.8=5.6
So considering the ROI, funding only increased about $5.6 billion not $12.2 billion as one would assume reading the statement. Or no?