R100 in 1966
The inflation rate in South Africa between 1966 and today has been 7,619.75%, which translates into a total increase of R7,619.75. This means that 100 rand in 1966 are equivalent to 7,719.75 rand in 2019. In other words, the purchasing power of R100 in 1966 equals R7,719.75 today. The average annual inflation rate has been 8.38%.
The following chart depicts the equivalence of R100 throughout the years due to inflation and CPI changes. All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money.
All calculations are performed in the local currency (ZAR) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were obtained by estimating figures from recent trends.
The following table contains relevant indicators:
|Total Inflation (1966-2019)||7,599.04%|
|Annual inflation avg. (1966-2019)||8.54%|
|Annual inflation avg.*||8.38%|
|R1 in 1966||R76.99 in 2019|
* Values extrapolated from the last official data to obtain today's values.
There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the compound interest formula or the Consumer Price Index (CPI) formula.
Given that money changes with time as a result of an inflation rate that acts as a compound interest, the following formula can be used: FV = PV (1 + i)n, where:
In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are R100 worth today. There are 53 years between 1966 and 2019 and the average inflation rate has been 8.3816%. Therefore, we can resolve the formula like this:
FV = PV (1 + i)n = R100 * (1 + 0.08)53 = R7,699.04
When the CPI for both start and end years is known, the following formula can be used:
In this case, the CPI in 1966 was 1.54 and the CPI today is 119.24. Therefore,
|Initial Value||Equivalent value|
|R1 rand in 1966||R77.2 rand today|
|R5 rand in 1966||R385.99 rand today|
|R10 rand in 1966||R771.98 rand today|
|R50 rand in 1966||R3,859.88 rand today|
|R100 rand in 1966||R7,719.75 rand today|
|R500 rand in 1966||R38,598.75 rand today|
|R1,000 rand in 1966||R77,197.5 rand today|
|R5,000 rand in 1966||R385,987.51 rand today|
|R10,000 rand in 1966||R771,975.02 rand today|
|R50,000 rand in 1966||R3,859,875.1 rand today|
|R100,000 rand in 1966||R7,719,750.2 rand today|
|R500,000 rand in 1966||R38,598,750.99 rand today|
|R1,000,000 rand in 1966||R77,197,501.97 rand today|
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