Inflation of $20 Over 51 Years

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Inflation of $20 Over 51 Years

Kana Turnell for MATH 125 Data Analysis Presentation

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Inflation Data Per Year

abstract

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One Variable Statistics

Mean – 105.43384620 Median - 93.59 Mode - N/A Range - 185.55 Midrange - 122.005 Standard Deviation - 63.60907853 Minimum - 23.93 Maximum - 214.78

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Chart, line chart Description automatically generated

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Average Inflation Cost Over 10 Years

1950-1959: $192.01 1960-1969: $162.44 1970-1979: $102.99 1980-1989: $50.16 1990-2001 (outlier years included): $33.88

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Chart, pie chart Description automatically generated

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Chart, bar chart Description automatically generated

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Analysis of Data and Graph

I thought it would be interesting to go over inflation and see how $20 has changed over the years. We can see starting back in 1950, $20 then would be $214.78 today. It is very breathtaking to see just how much inflation has cost over the years. There is such a large range in between 1950 and 2001. I chose to go to 2001 instead of just 2000 because I was born in 2001 and I thought it was very interesting to see even when I was born, $20 would be worth $9.23 cents more then than it would now. The data gathered from analysis through excel showed an expected decrease throughout the years to end up matching what would be 20 dollars in 2020. With a mean of about $105.43 and a standard deviation of about $63.61, this shows a gradual decrease throughout the years. Due to the data be so skewed to the left, there are not any outliers and there are also no clusters of data. Because the data has a decently wide range, this contributes to the standard deviation, which is a reasonably large amount. Due to the fact that there are 51 pieces of data, I decided to have my data split up into divisions of about ten years for the pie chart and histogram. This makes the data have five brackets of which the data falls in. Though the data is in a falling position, this helps to display the general decrease and give percentages related to the dollar amounts. Looking at the line graph, the decrease in inflation cost throughout the years is apparent, there are also no outliers that occur in the data. The pie chart shows a percentage of the decrease per average ten year period, this gives a better idea rather than just looking at the dollar amounts of how the year ranges compare in terms of decreasing. The histogram also gives the same idea as the pie chart but with dollar amounts, this is helpful to look and compare to see how the dollar amounts relate to the percentages. If I had to choose one graph to represent the data, it would likely be the line graph. Though the line graph is more busy, due to the nature of the data, I believe it best represents the specific amount for each year from 1950-2001.

Audio Recording Apr 15, 2021 at 8:22:11 PM