Real and nominal return

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Real and nominal return발음듣기

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Let's say last year I put $100 into some type of savings account in a bank.발음듣기

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So this is a year ago, and that now today, exactly 1 year later, that $100 has grown to $110.발음듣기

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So this is now.발음듣기

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So if you look at things just in the absolute dollar terms, things have grown by $10, so I made $10 off of an original $100 investment, so I got a 10% return.발음듣기

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But what I want to think about is, does this really capture how much more I can buy with this $110 than I could buy with that $100 before?발음듣기

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Can I really buy 10% more goods and services today than I could a year ago? and to think about that, let's think about, well, a hypothetical inflation rate from last year to this year, so let's say that the inflation ended up being 2% between a year ago and today.발음듣기

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If that's the case, what is $100 a year ago in today's money?발음듣기

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Well, if inflation was 2%, then $100 a year ago would buy you the same stuff that $102 would buy you today, So it would be $102.발음듣기

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So what is the dollar return in today's money?발음듣기

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In the current, in today's money?발음듣기

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The current purchasing power?발음듣기

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Well, we're getting $110.발음듣기

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We get $110 and we invest it in today's money, $102.발음듣기

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If we look at it from today's terms we invested something that gives us the same purchasing power as $102 today and now it's giving us the purchasing power of $110.발음듣기

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So we've gotten $8 more of purchasing power in today's money.발음듣기

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So what is the actual real return?발음듣기

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Let me write it... Real return and we can do it in today's money and you could do it either way, you could discount the $110 back to a year ago money and figure out the real return there and figuring out the actual dollar return and do the calculation or you can do it in today's money,발음듣기

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and maybe I'll do it the previous way in the next video.발음듣기

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But the real return is we made $8 over the course of the year in today's money and what we originally invested in today's money was $102.발음듣기

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And so we get our calculator out 8 divided by 102 is 7.8% so this is equal to 7.8%.발음듣기

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So even though the nominal return, if we just look at what we got in exchange for what we invested even though the nominal return was 10%.발음듣기

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because there was 2% inflation our actual purchasing power only increased by 7.8%.발음듣기

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