S&P 500: $100 in 1953 → $139,848.50 in 2023

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Stock market returns between 1953 and 2023

If you invested $100 in the S&P 500 at the beginning of 1953, you would have about $139,848.50 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of 139,748.50%, or 10.79% per year.

This lump-sum investment beats inflation during this period for an inflation-adjusted return of about 12,154.44% cumulatively, or 7.04% per year.

If you used dollar-cost averaging (monthly) instead of a lump-sum investment, you'd have $129,022.62.

The graph below shows the performance of $100 over time if invested in an S&P 500 index fund. The returns assume that all dividends are automatically reinvested.

This chart shows the rate of gains and loss by month, including dividends:

Adjusting stock market return for inflation

The nominal return on investment of $100 is $139,748.50, or 139,748.50%. This means by 2023 you would have $139,848.50 in your pocket.

However, it's important to take into account the effect of inflation when considering an investment and especially a long-term investment. You can convert S&P returns to their real (inflation-adjusted) value using an inflation calculation based on the U.S. Bureau of Labor Statistics Consumer Price Index (CPI).

In the case of the returns described above, the CPI in 1953 was 26.700 and the CPI in 2023 was 304.702.

The ratio between these CPIs describes how relative buying power of a dollar has changed over 70 years.

Adjusted for inflation, the $139,848.50 nominal end value of the original $100 investment would have a real return of roughly $12,154.44 in 1953 dollars. This means the inflation-adjusted return is 12,154.44% as opposed to the original 139,748.50%.

For more information on inflation, see our U.S. inflation calculator for 1953.

Full monthly data

The table below shows the full dataset pertaining to a $100 investment, including gains and losses over the 848-month period between 1953 and 2023.

Note that data shown is the monthly average closing price. Returns include dividends.

YearMonthReturn (%)Amount ($)CPI
19531-0.77%99.2326.60
195320.96%100.1826.50
19533-4.47%95.7026.60
195341.00%96.6626.60
19535-3.11%93.6526.70
195361.91%95.4426.80
195370.90%96.3026.80
19538-4.11%92.3526.90
195393.52%95.5926.90
1953102.71%98.1827.00
1953111.84%99.9926.90
1953123.02%103.0126.90
195412.68%105.7726.90
195422.58%108.5026.90
195434.45%113.3326.90
195444.42%118.3426.80
195451.22%119.7926.90
195464.46%125.1326.90
195472.39%128.1226.90
195482.74%131.6326.90
195492.71%135.2026.80
1954104.30%141.0226.80
1954114.95%148.0026.80
1954122.17%151.2126.70
195513.70%156.8126.70
19552-0.44%156.1326.70
195533.81%162.0726.70
19554-0.08%161.9526.70
195556.15%171.9026.70
195567.64%185.0426.70
19557-0.30%184.4826.80
195584.82%193.3726.80
19559-4.72%184.2326.90
1955107.07%197.2526.90
1955111.24%199.6926.90
195512-2.39%194.9226.80
195610.95%196.7726.80
195627.21%210.9526.80
195631.48%214.0826.80
19564-2.84%208.0026.90
19565-0.26%207.4627.00
195665.75%219.3927.20
19567-0.28%218.7627.40
19568-3.09%212.0027.30
19569-0.95%209.9827.40
195610-0.71%208.4927.50
1956111.81%212.2627.50
195612-1.86%208.3027.60
19571-4.00%199.9827.60
195721.62%203.2227.70
195732.64%208.6027.80
195744.16%217.2727.90
195751.95%221.5228.00
195762.32%226.6628.10
19577-5.21%214.8728.30
19578-3.74%206.8328.30
19579-5.90%194.6328.30
195710-1.80%191.1328.30
1957110.32%191.7428.40
1957122.33%196.2028.40
195810.70%197.5828.60
195822.42%202.3628.60
195830.90%204.1728.80
195843.56%211.4428.90
195852.74%217.2228.90
195863.07%223.8928.90
195874.05%232.9729.00
195882.94%239.8328.90
195894.36%250.2828.90
1958103.33%258.6128.90
1958112.16%264.2029.00
1958124.25%275.4428.90
19591-1.27%271.9529.00
195922.81%279.5928.90
195931.94%285.0028.90
195941.77%290.0329.00
19595-0.61%288.2729.00
195964.23%300.4629.10
19597-0.32%299.5029.20
19598-3.70%288.4129.20
195990.18%288.9229.30
1959100.67%290.8529.40
1959113.46%300.9329.40
195912-1.49%296.4629.40
19601-3.61%285.7629.30
19602-1.08%282.6829.40
196031.58%287.1529.40
19604-0.62%285.3629.50
196053.99%296.7429.50
19606-2.20%290.2229.60
196071.49%294.5529.60
19608-2.72%286.5429.60
19609-1.67%281.7429.60
1960103.54%291.7229.80
1960112.69%299.5729.80
1960125.43%315.8229.80
196114.37%329.6429.80
196123.40%340.8329.80
196132.92%350.7829.80
196141.26%355.2229.80
19615-1.08%351.3829.80
19616-0.03%351.2829.80
196173.84%364.7730.00
19618-0.54%362.7929.90
196191.34%367.6630.00
1961104.77%385.2130.00
1961111.16%389.6930.00
196112-3.49%376.1030.00
196211.91%383.2830.00
196220.34%384.5930.10
19623-2.94%373.2630.10
19624-7.19%346.4430.20
19625-11.41%306.9030.20
196262.72%315.2430.20
196273.02%324.7730.30
19628-0.59%322.8530.30
19629-2.86%313.6230.40
1962107.20%336.2130.40
1962114.62%351.7530.40
1962124.15%366.3430.40
196311.60%372.1830.40
19632-0.11%371.7830.40
196334.98%390.2930.50
196342.27%399.1530.50
196350.22%400.0130.50
19636-1.22%395.1230.60
196373.03%407.1030.70
196382.89%418.8830.70
196390.50%420.9830.70
196310-0.31%419.6830.80
1963112.39%429.7330.80
1963123.33%444.0430.90
196411.48%450.6130.90
196422.07%459.9430.90
196431.69%467.7330.90
196441.22%473.4430.90
19645-0.35%471.7830.90
196463.96%490.4731.00
19647-1.23%484.4531.10
196481.97%493.9831.00
196491.97%503.7131.10
1964100.94%508.4331.10
196411-1.49%500.8531.20
1964122.82%514.9831.20
196510.98%520.0031.20
196520.34%521.7531.20
196531.56%529.8731.30
196541.73%539.0531.40
19655-4.51%514.7631.40
196560.10%515.2931.60
196572.12%526.2031.60
196583.60%545.1231.60
196592.50%558.7431.60
1965101.08%564.7531.70
196511-0.21%563.5531.70
1965121.98%574.7131.80
19661-0.43%572.2431.80
19662-3.86%550.1432.00
196633.32%568.4132.10
19664-5.01%539.9432.30
19665-0.56%536.9232.30
196660.02%537.0232.40
19667-5.77%506.0432.50
19668-3.22%489.7232.70
19669-0.56%486.9632.70
1966105.32%512.8432.90
1966110.72%516.5132.90
1966124.13%537.8532.90
196713.73%557.9132.90
196722.63%572.6032.90
196731.99%584.0133.00
196742.06%596.0333.10
19675-0.99%590.1233.20
196761.99%601.8733.30
196771.85%613.0233.40
196781.65%623.1633.50
196790.10%623.7633.60
196710-2.88%605.7933.70
1967113.11%624.6433.80
196712-0.02%624.5333.90
19681-4.26%597.9434.10
19682-1.56%588.6234.20
196837.66%633.7234.30
196842.56%649.9334.40
196852.94%669.0434.50
196860.05%669.3734.70
19687-1.93%656.4234.90
196883.51%679.4535.00
196892.72%697.9135.10
1968101.79%710.3735.30
1968111.29%719.5035.40
196812-3.99%690.8335.50
19691-0.24%689.1835.60
19692-1.91%675.9935.80
196932.27%691.3736.10
196943.51%715.6636.30
19695-4.97%680.0836.40
19696-4.21%651.4836.60
19697-0.28%649.6336.80
196980.63%653.7237.00
196991.35%662.5237.10
1969101.00%669.1337.30
196911-5.03%635.4937.50
196912-0.59%631.7437.70
19701-3.20%611.5537.80
197022.01%623.8638.00
19703-2.75%606.7238.20
19704-11.20%538.7738.50
19705-0.27%537.3238.60
197060.52%540.1238.80
197073.26%557.7139.00
197086.32%592.9639.00
197092.49%607.7339.20
1970100.21%608.9839.40
1970117.16%652.5739.60
1970124.11%679.4039.80
197114.15%707.6039.80
197122.83%727.6439.90
197133.67%754.3740.00
19714-1.11%746.0240.10
19715-1.60%734.1140.30
19716-0.46%730.7140.60
19717-1.52%719.6340.70
197182.49%737.5240.80
19719-1.86%723.7740.80
197110-4.37%692.1340.90
1971117.16%741.7240.90
1971124.42%774.5241.10
197212.09%790.6841.10
197222.62%811.3941.30
197231.26%821.6141.40
19724-0.78%815.2341.50
197250.52%819.4441.60
19726-0.50%815.3141.70
197273.78%846.1641.90
19728-1.21%835.9242.00
197290.42%839.4142.10
1972105.25%883.5142.30
1972112.31%903.9442.40
1972120.99%912.8842.50
19731-3.33%882.5242.60
19732-1.35%870.6542.90
19733-1.63%856.4343.30
19734-2.57%834.4243.60
19735-1.99%817.8243.90
197361.21%827.7244.20
19737-1.64%814.1844.30
197382.00%830.4345.10
197394.24%865.6045.20
197310-6.85%806.2845.60
197311-6.81%751.4145.90
1973121.70%764.1946.20
19741-2.47%745.2946.60
197424.57%779.3847.20
19743-4.82%741.8447.80
19744-2.71%721.7748.00
197450.46%725.0748.60
19746-11.35%642.8049.00
19747-3.76%618.6049.40
19748-10.01%556.6650.00
197492.38%569.8950.60
1974103.74%591.2251.10
197411-6.09%555.2051.50
1974128.63%603.1351.90
1975110.81%668.3252.10
197524.97%701.5652.50
197531.49%711.9952.70
197546.71%759.7852.90
197552.89%781.7853.20
197560.43%785.1553.60
19757-7.00%730.2254.20
19758-0.85%723.9954.30
197594.97%759.9954.60
1975102.04%775.5054.90
197511-1.18%766.3555.30
1975129.55%839.5155.50
197614.18%874.5855.60
197620.80%881.6055.80
197631.10%891.2655.90
19764-0.38%887.8456.10
197650.90%895.8456.50
197662.67%919.7156.80
19767-0.56%914.5657.10
197682.44%936.8557.40
19769-3.11%907.7357.60
197610-0.37%904.4157.90
1976113.79%938.6558.00
197612-0.54%933.6158.20
19771-2.37%911.4958.50
19772-0.05%911.0059.10
19773-1.19%900.1359.50
197740.06%900.7160.00
197750.90%908.8160.30
197761.28%920.4760.70
19777-2.08%901.3361.00
19778-1.18%890.7461.20
19779-2.20%871.1661.40
1977100.98%879.7161.60
197711-0.08%879.0061.90
197712-3.39%849.2062.10
19781-0.97%840.9562.50
197820.27%843.1862.90
197834.83%883.9163.40
197845.50%932.5663.90
197850.67%938.8464.50
19786-0.06%938.2665.20
197877.33%1,007.0265.70
197880.40%1,011.0466.00
19789-2.77%983.0066.50
197810-5.44%929.5567.10
1978111.92%947.4267.40
1978124.19%987.0767.70
19791-1.06%976.6468.30
197922.34%999.5169.10
197932.43%1,023.8069.80
19794-1.89%1,004.4270.60
197952.42%1,028.7071.50
197961.42%1,043.3272.30
197975.01%1,095.6473.10
197981.54%1,112.5173.80
19799-3.35%1,075.2274.60
197910-0.32%1,071.7575.20
1979114.40%1,118.9575.90
1979123.31%1,156.0176.70
198014.40%1,206.8377.80
19802-8.78%1,100.9078.90
19803-1.16%1,088.1080.10
198045.04%1,142.9081.00
198056.86%1,221.3481.80
198064.97%1,282.0382.70
198073.50%1,326.9682.70
198082.84%1,364.5983.30
198093.32%1,409.9684.00
1980104.61%1,475.0384.80
198011-1.24%1,456.6785.50
1980120.01%1,456.8186.30
19811-3.07%1,412.0987.00
198124.14%1,470.5987.90
198131.29%1,489.6288.50
19814-1.62%1,465.5389.10
198150.86%1,478.1089.80
19816-2.02%1,448.2990.60
198170.80%1,459.9291.60
19818-8.30%1,338.7092.30
198191.73%1,361.8393.20
1981103.04%1,403.2893.40
1981111.18%1,419.8393.70
198112-4.80%1,351.6294.00
19821-1.91%1,325.7594.30
19822-2.74%1,289.3694.60
198235.47%1,359.8894.50
198240.57%1,367.6394.90
19825-5.27%1,295.5595.80
198260.24%1,298.7197.00
198270.79%1,309.0297.50
1982812.10%1,467.3697.70
198298.88%1,597.6897.90
1982104.50%1,669.5898.20
1982111.36%1,692.2198.00
1982123.93%1,758.6497.60
198312.13%1,796.1097.80
198323.87%1,865.5397.90
198334.20%1,943.8397.90
198344.42%2,029.8398.60
198351.75%2,065.4299.20
198360.71%2,080.0599.50
19837-2.41%2,029.9899.90
198383.31%2,097.25100.20
198390.65%2,110.84100.70
198310-1.14%2,086.74101.00
198311-0.13%2,084.07101.20
1983121.58%2,116.91101.30
19841-5.11%2,008.69101.90
198420.44%2,017.58102.40
198430.51%2,027.81102.60
19844-0.25%2,022.69103.10
19845-1.85%1,985.30103.40
19846-0.91%1,967.27103.70
198479.21%2,148.39104.10
198481.41%2,178.61104.50
19849-0.41%2,169.63105.00
1984101.29%2,197.53105.30
198411-0.71%2,181.98105.30
1984124.70%2,284.48105.30
198515.79%2,416.69105.50
19852-0.48%2,405.13106.00
198531.02%2,429.78106.40
198542.74%2,496.25106.90
198552.51%2,558.93107.30
198562.25%2,616.43107.60
19857-1.85%2,568.15107.80
19858-1.88%2,519.74108.00
198591.50%2,557.42108.30
1985106.42%2,721.62108.70
1985115.29%2,865.72109.00
1985120.75%2,887.26109.30
198615.70%3,051.76109.60
198626.18%3,240.44109.30
198632.74%3,329.27108.80
198640.49%3,345.65108.60
198653.13%3,450.48108.90
19866-1.80%3,388.23109.50
198672.28%3,465.51109.50
19868-2.46%3,380.39109.70
19869-0.09%3,377.35110.20
1986103.53%3,496.67110.30
1986111.71%3,556.43110.40
1986126.67%3,793.76110.50
198716.46%4,038.91111.20
198724.38%4,215.67111.60
19873-0.86%4,179.57112.10
198740.17%4,186.79112.70
198754.50%4,375.13113.10
198763.12%4,511.73113.50
198776.45%4,802.92113.80
19878-3.03%4,657.37114.40
19879-11.85%4,105.29115.00
198710-12.30%3,600.20115.30
198711-1.33%3,552.15115.40
1987124.25%3,702.99115.40
198813.33%3,826.25115.70
198823.23%3,949.91116.00
19883-0.89%3,914.92116.50
19884-2.19%3,829.25117.10
198856.00%4,058.93117.50
19886-0.31%4,046.47118.00
19887-1.72%3,976.94118.50
198881.93%4,053.58119.00
198893.80%4,207.68119.80
198810-2.02%4,122.67120.20
1988112.33%4,218.57120.30
1988123.51%4,366.75120.50
198913.30%4,510.85121.10
19892-0.16%4,503.55121.60
198933.56%4,664.10122.30
198944.12%4,856.04123.10
198953.39%5,020.79123.80
198962.80%5,161.38124.10
198974.69%5,403.48124.40
198980.46%5,428.10124.60
198990.29%5,443.64125.00
198910-1.81%5,344.91125.60
1989112.74%5,491.19125.90
198912-2.21%5,369.77126.10
19901-2.53%5,234.06127.40
199022.71%5,375.76128.00
199030.20%5,386.29128.70
199043.85%5,593.71128.90
199053.17%5,771.03129.20
199060.17%5,780.83129.90
19907-7.86%5,326.38130.40
19908-4.34%5,095.16131.60
19909-2.32%4,977.17132.70
1990102.98%5,125.68133.50
1990114.59%5,360.77133.80
199012-0.69%5,324.04133.80
1991111.61%5,941.99134.60
199123.04%6,122.90134.80
199132.26%6,261.21135.00
19914-0.18%6,250.01135.20
199150.35%6,271.70135.60
199160.78%6,320.65136.00
199172.68%6,489.97136.20
19918-0.30%6,470.30136.60
199190.18%6,482.06137.20
1991100.02%6,483.08137.40
1991110.94%6,543.71137.80
1991127.36%7,025.19137.90
19921-0.60%6,982.98138.10
19922-1.01%6,912.29138.60
199230.26%6,930.56139.30
199242.07%7,073.91139.50
19925-1.33%6,979.89139.70
199261.91%7,113.35140.20
199270.94%7,180.34140.50
199280.38%7,207.49140.90
19929-1.18%7,122.30141.30
1992102.76%7,318.65141.80
1992113.27%7,558.06142.00
1992120.14%7,568.86141.90
199311.72%7,699.37142.60
199322.15%7,864.91143.10
19933-1.34%7,759.39143.60
199340.72%7,815.62144.00
199350.87%7,883.24144.20
199360.06%7,888.05144.40
199371.76%8,027.07144.40
199381.35%8,135.84144.80
199391.24%8,236.88145.10
1993100.01%8,237.50145.70
1993110.89%8,310.58145.80
1993121.74%8,454.84145.80
19941-0.08%8,448.44146.20
19942-1.42%8,328.15146.70
19943-3.35%8,049.46147.20
199441.06%8,134.64147.40
199451.11%8,224.78147.50
19946-0.52%8,182.11148.00
199473.08%8,434.28148.40
199480.82%8,503.23149.00
19949-0.44%8,465.48149.40
199410-0.37%8,434.16149.50
199411-1.03%8,347.65149.70
1994122.45%8,552.27149.70
199513.82%8,878.89150.30
199522.56%9,106.03150.90
199533.22%9,398.84151.40
199543.35%9,713.49151.90
199553.18%10,022.22152.20
199563.55%10,377.76152.50
199570.51%10,431.01152.50
199583.72%10,818.80152.90
199590.91%10,917.53153.20
1995102.36%11,175.00153.70
1995113.39%11,553.74153.60
1995120.16%11,572.52153.50
199615.90%12,255.81154.40
19962-0.20%12,231.22154.90
199630.20%12,255.32155.70
199642.35%12,543.91156.30
199651.28%12,704.29156.60
19966-3.48%12,262.62156.70
199673.08%12,639.79157.00
199682.02%12,895.58157.30
199694.12%13,426.82157.80
1996105.05%14,105.15158.30
1996111.20%14,274.16158.60
1996123.26%14,739.15158.60
199714.36%15,381.95159.10
19972-0.62%15,286.01159.60
19973-3.41%14,765.48160.00
199749.22%16,126.54160.20
199755.34%16,987.19160.10
199765.74%17,961.56160.30
199770.35%18,024.03160.50
199781.19%18,238.88160.80
199791.65%18,538.97161.20
199710-1.15%18,325.40161.60
1997112.63%18,808.20161.50
1997120.24%18,852.79161.30
199816.40%20,059.78161.60
199825.31%21,125.53161.90
199833.41%21,845.00162.20
19984-0.22%21,796.53162.50
199850.12%21,821.91162.80
199864.47%22,796.85163.00
19987-6.97%21,207.68163.20
19988-4.90%20,168.83163.40
199891.29%20,429.18163.60
19981010.97%22,671.16164.00
1998114.10%23,601.60164.00
1998125.05%24,792.94163.90
19991-0.07%24,776.40164.30
199922.92%25,500.74164.50
199934.25%26,584.53165.00
19994-0.10%26,558.25166.20
19995-0.61%26,395.78166.20
199964.52%27,589.50166.20
19997-3.77%26,548.16166.70
19998-0.60%26,389.40167.10
19999-1.27%26,053.60167.90
1999107.11%27,904.96168.20
1999112.81%28,688.73168.30
199912-0.12%28,654.61168.30
20001-2.48%27,944.53168.80
200023.94%29,045.81169.80
200031.42%29,459.62171.20
20004-2.84%28,623.32171.30
200053.16%29,528.81171.50
200060.85%29,779.91172.40
200070.94%30,059.75172.80
20008-1.08%29,735.21172.80
20009-5.21%28,184.75173.70
200010-0.77%27,967.01174.00
200011-3.32%27,038.48174.10
2000120.46%27,161.51174.00
20011-2.14%26,581.27175.10
20012-9.08%24,167.71175.80
200130.45%24,276.15176.20
200146.88%25,946.19176.90
20015-2.39%25,326.43177.70
20016-2.66%24,652.69178.00
20017-2.05%24,148.33177.50
20018-11.25%21,432.29177.50
200193.18%22,114.70178.30
2001105.05%23,232.19177.70
2001111.47%23,572.78177.40
200112-0.30%23,502.61176.70
20021-3.35%22,714.62177.10
200224.95%23,837.92177.80
20023-3.51%23,000.15178.80
20024-2.82%22,351.47179.80
20025-5.92%21,028.04179.80
20026-10.76%18,765.74179.90
200271.14%18,979.44180.10
20028-4.76%18,076.45180.70
20029-1.37%17,829.34181.00
2002106.63%19,010.64181.30
200211-1.04%18,813.87181.30
200212-0.22%18,772.00180.90
20031-6.41%17,567.81181.70
200321.31%17,797.58183.10
200335.29%18,738.33184.20
200345.31%19,733.75183.80
200355.70%20,859.40183.50
200360.60%20,983.70183.70
20037-0.17%20,948.80183.90
200383.16%21,611.03184.60
200392.03%22,049.27185.20
2003101.21%22,316.19185.00
2003113.06%22,999.92184.50
2003124.93%24,134.96184.30
200411.09%24,397.22185.20
20042-1.57%24,015.36186.20
200430.97%24,247.86187.40
20044-2.56%23,626.08188.00
200452.86%24,301.24189.10
20046-2.24%23,757.19189.70
20047-1.39%23,427.54189.40
200482.78%24,079.44189.50
200490.10%24,104.14189.90
2004104.77%25,254.85190.90
2004112.73%25,943.66191.00
200412-1.35%25,593.63190.30
200511.68%26,023.91190.70
20052-0.26%25,957.39191.80
20053-2.41%25,332.10193.30
200541.34%25,670.51194.60
200552.18%26,230.30194.40
200561.81%26,704.49194.50
200570.31%26,787.28195.40
200580.28%26,862.20196.40
20059-2.62%26,157.28198.80
2005103.96%27,193.51199.20
2005112.14%27,776.57197.60
2005121.47%28,183.99196.80
20061-0.02%28,179.30198.30
200621.49%28,598.09198.70
200630.80%28,826.39199.80
20064-0.79%28,599.64201.50
20065-2.71%27,825.79202.50
200660.72%28,026.15202.90
200672.29%28,668.44203.50
200682.53%29,394.08203.90
200693.62%30,456.95202.90
2006102.00%31,066.59201.80
2006112.15%31,733.98201.50
2006120.69%31,953.84201.80
200711.60%32,463.84202.42
20072-2.47%31,660.72203.50
200734.18%32,984.22205.35
200743.39%34,102.97206.69
200750.34%34,220.59207.95
200760.57%34,417.23208.35
20077-4.20%32,971.32208.30
200783.07%33,985.10207.92
200792.99%35,001.81208.49
200710-4.81%33,319.52208.94
2007111.24%33,732.09210.18
200712-6.64%31,493.90210.04
20081-1.56%31,001.34211.08
20082-2.63%30,187.05211.69
200834.24%31,468.13213.53
200842.56%32,274.53214.82
20085-4.25%30,903.97216.63
20086-6.08%29,025.48218.82
200872.11%29,638.07219.96
20088-4.85%28,201.36219.09
20089-20.19%22,506.49218.78
200810-8.61%20,569.73216.57
200811-0.35%20,497.48212.43
200812-1.10%20,272.92210.23
20091-6.70%18,914.13211.14
20092-5.69%17,838.40212.19
2009312.32%20,036.40212.71
200946.66%21,370.79213.24
200952.87%21,983.89213.86
200961.28%22,264.77215.69
200978.12%24,072.83215.35
200983.65%24,951.57215.83
200992.40%25,551.18215.97
2009102.09%26,086.31216.18
2009112.23%26,666.95216.33
2009121.36%27,028.82215.95
20101-2.90%26,245.39216.69
201025.94%27,805.17216.74
201034.09%28,941.82217.63
20104-5.88%27,239.35218.01
20105-3.54%26,274.11218.18
20106-0.16%26,232.31217.97
201070.86%26,458.86218.01
201083.37%27,350.82218.31
201094.58%28,602.79218.44
2010102.49%29,315.26218.71
2010113.71%30,403.95218.80
2010123.46%31,456.60219.18
201113.15%32,447.75220.22
20112-1.11%32,086.78221.31
201132.22%32,799.43223.47
201140.66%33,015.65224.91
20115-3.66%31,806.42225.96
201163.10%32,792.97225.72
20117-10.40%29,382.29225.92
20118-0.79%29,150.39226.55
201193.02%30,030.41226.89
2011101.77%30,561.09226.42
2011111.55%31,036.24226.23
2011124.78%32,520.56225.67
201214.16%33,874.27226.67
201222.88%34,851.15227.66
20123-0.04%34,837.83229.39
20124-3.09%33,761.01230.09
20125-1.15%33,371.94229.82
201262.92%34,346.77229.48
201273.39%35,510.33229.10
201283.02%36,583.16230.38
20129-0.22%36,503.72231.41
201210-2.84%35,467.93231.32
2012112.18%36,239.55230.22
2012124.27%37,786.53229.60
201312.33%38,668.10230.28
201322.72%39,720.82232.17
201331.45%40,298.28232.77
201344.57%42,141.63232.53
20135-1.12%41,670.58232.95
201363.25%43,026.74233.50
201370.25%43,135.39233.60
201381.19%43,649.77233.88
201392.12%44,574.07234.15
2013103.86%46,294.63233.55
2013111.52%46,999.08233.07
2013120.97%47,453.94233.05
20141-0.13%47,392.23233.92
201422.72%48,682.38234.78
201430.20%48,780.58236.29
201441.53%49,527.92237.07
201453.20%51,110.99237.90
201461.50%51,875.51238.34
20147-0.43%51,654.03238.25
201481.78%52,572.46237.85
20149-2.65%51,181.08238.03
2014105.71%54,101.30237.43
2014110.63%54,444.24236.15
201412-1.11%53,839.88234.81
201512.83%55,362.15233.71
201520.06%55,392.80234.72
201530.88%55,879.38236.12
201540.98%56,426.38236.60
20155-0.44%56,180.65237.81
20156-0.08%56,135.91238.64
20157-2.42%54,774.95238.65
20158-4.51%52,306.19238.32
201594.32%54,564.31237.95
2015102.93%56,164.40237.84
201511-1.10%55,544.92237.34
201512-6.42%51,979.15236.53
20161-0.55%51,693.31236.92
201626.36%54,982.41237.11
201632.83%56,539.11238.13
20164-0.30%56,367.02239.26
201651.07%56,968.17240.23
201663.30%58,846.66241.02
201671.20%59,552.38240.63
20168-0.44%59,291.14240.85
20169-0.51%58,991.14241.43
2016101.20%59,699.72241.73
2016113.95%62,055.45241.35
2016121.44%62,947.58241.43
201712.58%64,569.39242.84
201721.75%65,698.88243.60
20173-0.15%65,597.70243.80
201741.69%66,707.85244.52
201751.78%67,892.87244.73
201760.99%68,563.57244.96
201770.25%68,733.48244.79
201781.65%69,869.82245.52
201792.73%71,780.62246.82
2017101.59%72,921.63246.66
2017112.88%75,024.31246.67
2017124.86%78,671.92246.52
20181-2.89%76,400.91247.87
201820.06%76,450.24248.99
20183-1.66%75,178.13249.55
201841.96%76,652.84250.55
201852.11%78,272.49251.59
201861.58%79,509.78251.99
201872.45%81,458.41252.01
201881.68%82,826.71252.15
20189-3.85%79,638.72252.44
201810-2.08%77,985.33252.89
201811-5.56%73,647.39252.04
2018121.74%74,925.64251.23
201915.83%79,292.98251.71
201921.95%80,837.63252.78
201933.72%83,847.39254.20
20194-1.53%82,563.02255.55
201951.40%83,722.83256.09
201963.83%86,927.19256.14
20197-3.13%84,202.53256.57
201983.09%86,800.37256.56
201990.01%86,808.88256.76
2019104.43%90,657.72257.35
2019112.47%92,896.35257.21
2019123.35%96,005.03256.97
202010.12%96,122.23257.97
20202-18.92%77,938.10258.68
202034.32%81,303.95258.12
202045.89%86,090.61256.39
202056.51%91,693.62256.39
202063.48%94,881.29257.80
202075.89%100,473.12259.10
20208-0.63%99,843.15259.92
202091.73%101,566.45260.28
2020103.95%105,582.50260.39
2020114.26%110,080.40260.23
2020122.80%113,157.48260.47
202112.49%115,976.83261.58
202120.82%116,929.42263.01
202136.02%123,970.31264.88
202140.76%124,912.77267.05
202151.81%127,174.22269.20
202163.07%131,076.18271.70
202172.19%133,940.40273.00
20218-0.08%133,827.23273.57
202190.45%134,432.36274.31
2021104.74%140,810.83276.59
2021110.27%141,184.55277.95
202112-2.05%138,287.51278.80
20221-2.90%134,273.62281.15
20222-0.89%133,075.11283.72
202230.12%133,232.54287.50
20224-7.87%122,743.50289.11
20225-3.37%118,607.80292.30
202260.46%119,158.96296.31
202276.45%126,841.60296.28
20228-7.28%117,610.83296.17
20229-3.09%113,975.27296.81
2022105.29%119,998.97298.01
2022110.01%120,011.98297.71
2022121.38%121,663.89296.80
202313.15%125,492.62299.17
20232-2.59%122,248.10300.84
202334.00%127,133.40301.84
202340.74%128,071.26303.36
202354.94%134,400.78304.13
202363.88%139,610.21305.11
20237-1.13%138,039.56305.69
202381.31%139,848.50307.03
Click to show 834 more rows

Remember, returns are based on the average closing price across the entire month. Some losses are offset by dividend returns.

Dollar-cost averaging

Dollar-cost averaging is an alternative to investing the full lump-sum of $100.00 up-front. Instead, the capital is invested over a period of time.

Consider a strategy in which $100.00 was invested in the S&P 500 over a period of no more than 24 months beginning in 1953. This would result in a final amount of $129,022.62, including dividend reinvestments. In this particular case, dollar-cost average returns are less than the returns of a lump-sum investment (which ends with $139,848.50).

YearMonthContribution ($)Amount ($)
195314.164.11
195324.168.33
195334.1611.91
195344.1616.21
195354.1619.72
195364.1624.32
195374.1628.71
195384.1631.50
195394.1636.90
1953104.1642.15
1953114.1647.14
1953124.1652.83
195414.1658.49
195424.1664.25
195434.1671.44
195444.1678.92
195454.1684.08
195464.1692.16
195474.1698.61
195484.16105.56
195494.16112.68
1954104.16121.85
1954114.16132.24
1954124.32139.50
19551-144.67
19552-144.04
19553-149.53
19554-149.41
19555-158.59
19556-170.71
19557-170.20
19558-178.40
19559-169.97
195510-181.98
195511-184.23
195512-179.83
19561-181.54
19562-194.62
19563-197.51
19564-191.90
19565-191.40
19566-202.40
19567-201.83
19568-195.59
19569-193.73
195610-192.35
195611-195.83
195612-192.18
19571-184.50
19572-187.49
19573-192.45
19574-200.45
19575-204.37
19576-209.12
19577-198.23
19578-190.82
19579-179.57
195710-176.33
195711-176.90
195712-181.01
19581-182.29
19582-186.69
19583-188.37
19584-195.07
19585-200.41
19586-206.56
19587-214.93
19588-221.26
19589-230.91
195810-238.59
195811-243.75
195812-254.12
19591-250.90
19592-257.94
19593-262.94
19594-267.58
19595-265.96
19596-277.20
19597-276.32
19598-266.08
19599-266.56
195910-268.34
195911-277.63
195912-273.51
19601-263.64
19602-260.79
19603-264.92
19604-263.27
19605-273.77
19606-267.76
19607-271.75
19608-264.36
19609-259.93
196010-269.13
196011-276.38
196012-291.37
19611-304.12
19612-314.45
19613-323.63
19614-327.72
19615-324.18
19616-324.09
19617-336.53
19618-334.71
19619-339.20
196110-355.39
196111-359.52
196112-346.98
19621-353.61
19622-354.82
19623-344.37
19624-319.62
19625-283.15
19626-290.84
19627-299.63
19628-297.85
19629-289.35
196210-310.18
196211-324.52
196212-337.98
19631-343.37
19632-343.00
19633-360.08
19634-368.25
19635-369.05
19636-364.54
19637-375.59
19638-386.46
19639-388.39
196310-387.20
196311-396.46
196312-409.67
19641-415.73
19642-424.34
19643-431.52
19644-436.79
19645-435.26
19646-452.50
19647-446.95
19648-455.74
19649-464.72
196410-469.07
196411-462.08
196412-475.11
19651-479.75
19652-481.36
19653-488.85
19654-497.32
19655-474.91
19656-475.40
19657-485.47
19658-502.93
19659-515.48
196510-521.03
196511-519.93
196512-530.22
19661-527.94
19662-507.55
19663-524.41
19664-498.15
19665-495.36
19666-495.45
19667-466.87
19668-451.81
19669-449.26
196610-473.14
196611-476.53
196612-496.21
19671-514.72
19672-528.28
19673-538.80
19674-549.89
19675-544.44
19676-555.28
19677-565.56
19678-574.92
19679-575.48
196710-558.89
196711-576.29
196712-576.19
19681-551.66
19682-543.06
19683-584.66
19684-599.62
19685-617.25
19686-617.55
19687-605.61
19688-626.85
19689-643.88
196810-655.38
196811-663.81
196812-637.35
19691-635.83
19692-623.66
19693-637.85
19694-660.26
19695-627.43
19696-601.05
19697-599.34
19698-603.11
19699-611.23
196910-617.33
196911-586.29
196912-582.84
19701-564.21
19702-575.56
19703-559.75
19704-497.06
19705-495.72
19706-498.31
19707-514.54
19708-547.06
19709-560.68
197010-561.84
197011-602.06
197012-626.81
19711-652.83
19712-671.31
19713-695.98
19714-688.27
19715-677.28
19716-674.15
19717-663.92
19718-680.43
19719-667.75
197110-638.55
197111-684.30
197112-714.56
19721-729.47
19722-748.58
19723-758.01
19724-752.13
19725-756.01
19726-752.20
19727-780.66
19728-771.21
19729-774.43
197210-815.12
197211-833.96
197212-842.21
19731-814.21
19732-803.25
19733-790.13
19734-769.83
19735-754.51
19736-763.64
19737-751.15
19738-766.14
19739-798.59
197310-743.86
197311-693.24
197312-705.03
19741-687.60
19742-719.05
19743-684.42
19744-665.90
19745-668.94
19746-593.04
19747-570.71
19748-513.56
19749-525.77
197410-545.45
197411-512.22
197412-556.44
19751-616.58
19752-647.25
19753-656.87
19754-700.97
19755-721.26
19756-724.37
19757-673.69
19758-667.95
19759-701.15
197510-715.47
197511-707.03
197512-774.52
19761-806.88
19762-813.35
19763-822.26
19764-819.11
19765-826.49
19766-848.52
19767-843.76
19768-864.33
19769-837.46
197610-834.39
197611-865.99
197612-861.34
19771-840.93
19772-840.48
19773-830.45
19774-830.98
19775-838.46
19776-849.21
19777-831.56
19778-821.79
19779-803.72
197710-811.61
197711-810.96
197712-783.47
19781-775.85
19782-777.91
19783-815.48
19784-860.37
19785-866.17
19786-865.63
19787-929.06
19788-932.77
19789-906.90
197810-857.59
197811-874.08
197812-910.66
19791-901.04
19792-922.13
19793-944.55
19794-926.67
19795-949.07
19796-962.56
19797-1,010.82
19798-1,026.39
19799-991.98
197910-988.78
197911-1,032.33
197912-1,066.53
19801-1,113.41
19802-1,015.68
19803-1,003.87
19804-1,054.43
19805-1,126.79
19806-1,182.79
19807-1,224.24
19808-1,258.96
19809-1,300.81
198010-1,360.84
198011-1,343.90
198012-1,344.04
19811-1,302.77
19812-1,356.75
19813-1,374.31
19814-1,352.08
19815-1,363.67
19816-1,336.18
19817-1,346.90
19818-1,235.07
19819-1,256.41
198110-1,294.65
198111-1,309.92
198112-1,246.99
19821-1,223.12
19822-1,189.55
19823-1,254.61
19824-1,261.76
19825-1,195.26
19826-1,198.17
19827-1,207.68
19828-1,353.77
19829-1,474.00
198210-1,540.33
198211-1,561.21
198212-1,622.50
19831-1,657.06
19832-1,721.12
19833-1,793.36
19834-1,872.70
19835-1,905.53
19836-1,919.03
19837-1,872.83
19838-1,934.90
19839-1,947.43
198310-1,925.20
198311-1,922.74
198312-1,953.04
19841-1,853.20
19842-1,861.39
19843-1,870.83
19844-1,866.11
19845-1,831.62
19846-1,814.98
19847-1,982.08
19848-2,009.96
19849-2,001.67
198410-2,027.41
198411-2,013.07
198412-2,107.63
19851-2,229.61
19852-2,218.95
19853-2,241.68
19854-2,303.01
19855-2,360.84
19856-2,413.89
19857-2,369.34
19858-2,324.68
19859-2,359.45
198510-2,510.94
198511-2,643.88
198512-2,663.76
19861-2,815.52
19862-2,989.59
19863-3,071.55
19864-3,086.66
19865-3,183.37
19866-3,125.94
19867-3,197.24
19868-3,118.71
19869-3,115.91
198610-3,225.99
198611-3,281.12
198612-3,500.08
19871-3,726.25
19872-3,889.33
19873-3,856.02
19874-3,862.69
19875-4,036.45
19876-4,162.47
19877-4,431.12
19878-4,296.83
19879-3,787.49
198710-3,321.50
198711-3,277.17
198712-3,416.34
19881-3,530.05
19882-3,644.14
19883-3,611.86
19884-3,532.82
19885-3,744.72
19886-3,733.23
19887-3,669.08
19888-3,739.79
19889-3,881.96
198810-3,803.53
198811-3,892.00
198812-4,028.71
19891-4,161.66
19892-4,154.93
19893-4,303.04
19894-4,480.13
19895-4,632.12
19896-4,761.83
19897-4,985.19
19898-5,007.90
19899-5,022.24
198910-4,931.16
198911-5,066.11
198912-4,954.08
19901-4,828.89
19902-4,959.61
19903-4,969.33
19904-5,160.70
19905-5,324.29
19906-5,333.33
19907-4,914.06
19908-4,700.74
19909-4,591.88
199010-4,728.89
199011-4,945.79
199012-4,911.90
19911-5,482.02
19912-5,648.92
19913-5,776.52
19914-5,766.19
19915-5,786.20
19916-5,831.36
19917-5,987.58
19918-5,969.43
19919-5,980.27
199110-5,981.22
199111-6,037.15
199112-6,481.36
19921-6,442.42
19922-6,377.20
19923-6,394.05
19924-6,526.31
19925-6,439.56
19926-6,562.70
19927-6,624.50
19928-6,649.55
19929-6,570.95
199210-6,752.10
199211-6,972.98
199212-6,982.94
19931-7,103.35
19932-7,256.08
19933-7,158.72
19934-7,210.60
19935-7,272.99
19936-7,277.42
19937-7,405.69
19938-7,506.03
19939-7,599.25
199310-7,599.82
199311-7,667.25
199312-7,800.34
19941-7,794.43
19942-7,683.46
19943-7,426.34
19944-7,504.93
19945-7,588.09
19946-7,548.72
19947-7,781.37
19948-7,844.98
19949-7,810.15
199410-7,781.26
199411-7,701.45
199412-7,890.23
19951-8,191.56
19952-8,401.12
19953-8,671.26
19954-8,961.55
19955-9,246.39
19956-9,574.40
19957-9,623.53
19958-9,981.30
19959-10,072.39
199510-10,309.93
199511-10,659.35
199512-10,676.68
19961-11,307.07
19962-11,284.38
19963-11,306.61
19964-11,572.86
19965-11,720.83
19966-11,313.35
19967-11,661.32
19968-11,897.32
19969-12,387.43
199610-13,013.25
199611-13,169.18
199612-13,598.17
19971-14,191.21
19972-14,102.70
19973-13,622.47
19974-14,878.16
19975-15,672.18
19976-16,571.13
19977-16,628.76
19978-16,826.98
19979-17,103.84
199710-16,906.80
199711-17,352.23
199712-17,393.37
19981-18,506.92
19982-19,490.17
19983-20,153.94
19984-20,109.23
19985-20,132.65
19986-21,032.11
19987-19,565.96
19988-18,607.53
19989-18,847.73
199810-20,916.15
199811-21,774.57
199812-22,873.68
19991-22,858.42
19992-23,526.69
19993-24,526.58
19994-24,502.34
19995-24,352.44
19996-25,453.75
19997-24,493.03
19998-24,346.56
19999-24,036.76
199910-25,744.80
199911-26,467.90
199912-26,436.42
20001-25,781.30
20002-26,797.33
20003-27,179.10
20004-26,407.55
20005-27,242.94
20006-27,474.60
20007-27,732.78
20008-27,433.37
20009-26,002.93
200010-25,802.04
200011-24,945.39
200012-25,058.90
20011-24,523.57
20012-22,296.86
20013-22,396.90
20014-23,937.66
20015-23,365.87
20016-22,744.29
20017-22,278.97
20018-19,773.19
20019-20,402.77
200110-21,433.75
200111-21,747.98
200112-21,683.24
20021-20,956.25
20022-21,992.59
20023-21,219.68
20024-20,621.21
20025-19,400.23
20026-17,313.06
20027-17,510.22
20028-16,677.13
20029-16,449.15
200210-17,539.00
200211-17,357.46
200212-17,318.83
20031-16,207.86
20032-16,419.84
20033-17,287.77
20034-18,206.13
20035-19,244.65
20036-19,359.32
20037-19,327.12
20038-19,938.09
20039-20,342.40
200310-20,588.66
200311-21,219.46
200312-22,266.63
20041-22,508.60
20042-22,156.29
20043-22,370.80
20044-21,797.15
20045-22,420.04
20046-21,918.11
20047-21,613.98
20048-22,215.41
20049-22,238.21
200410-23,299.84
200411-23,935.33
200412-23,612.39
20051-24,009.36
20052-23,947.99
20053-23,371.11
20054-23,683.31
20055-24,199.78
20056-24,637.26
20057-24,713.64
20058-24,782.76
20059-24,132.40
200510-25,088.42
200511-25,626.35
200512-26,002.23
20061-25,997.90
20062-26,384.27
20063-26,594.90
20064-26,385.69
20065-25,671.75
20066-25,856.60
20067-26,449.17
20068-27,118.65
20069-28,099.23
200610-28,661.68
200611-29,277.41
200612-29,480.25
20071-29,950.77
20072-29,209.82
20073-30,430.86
20074-31,463.00
20075-31,571.52
20076-31,752.94
20077-30,418.96
20078-31,354.27
20079-32,292.27
200710-30,740.20
200711-31,120.84
200712-29,055.91
20081-28,601.48
20082-27,850.23
20083-29,032.13
20084-29,776.11
20085-28,511.65
20086-26,778.57
20087-27,343.75
20088-26,018.25
20089-20,764.23
200810-18,977.40
200811-18,910.74
200812-18,703.57
20091-17,449.96
20092-16,457.50
20093-18,485.36
20094-19,716.45
20095-20,282.08
20096-20,541.22
20097-22,209.32
20098-23,020.03
20099-23,573.23
200910-24,066.93
200911-24,602.63
200912-24,936.48
20101-24,213.70
20102-25,652.73
20103-26,701.39
20104-25,130.71
20105-24,240.19
20106-24,201.63
20107-24,410.64
20108-25,233.56
20109-26,388.61
201010-27,045.92
201011-28,050.34
201012-29,021.50
20111-29,935.92
20112-29,602.90
20113-30,260.37
20114-30,459.86
20115-29,344.24
20116-30,254.42
20117-27,107.76
20118-26,893.82
20119-27,705.71
201110-28,195.31
201111-28,633.68
201112-30,003.10
20121-31,252.01
20122-32,153.27
20123-32,140.98
20124-31,147.52
20125-30,788.57
20126-31,687.93
20127-32,761.42
20128-33,751.20
20129-33,677.92
201210-32,722.31
201211-33,434.19
201212-34,861.42
20131-35,674.74
20132-36,645.97
20133-37,178.73
20134-38,879.38
20135-38,444.80
20136-39,695.98
20137-39,796.22
20138-40,270.78
20139-41,123.53
201310-42,710.90
201311-43,360.81
201312-43,780.46
20141-43,723.53
20142-44,913.80
20143-45,004.40
20144-45,693.89
20145-47,154.41
20146-47,859.75
20147-47,655.42
20148-48,502.75
20149-47,219.08
201410-49,913.24
201411-50,229.63
201412-49,672.06
20151-51,076.49
20152-51,104.76
20153-51,553.67
20154-52,058.33
20155-51,831.62
20156-51,790.35
20157-50,534.74
20158-48,257.09
20159-50,340.41
201510-51,816.63
201511-51,245.10
201512-47,955.36
20161-47,691.65
20162-50,726.14
20163-52,162.33
20164-52,003.57
20165-52,558.18
20166-54,291.25
20167-54,942.35
20168-54,701.33
20169-54,424.55
201610-55,078.28
201611-57,251.65
201612-58,074.72
20171-59,570.98
20172-60,613.03
20173-60,519.68
20174-61,543.90
20175-62,637.18
20176-63,255.97
20177-63,412.72
20178-64,461.10
20179-66,223.98
201710-67,276.65
201711-69,216.57
201712-72,581.81
20181-70,486.60
20182-70,532.12
20183-69,358.48
20184-70,719.03
20185-72,213.30
20186-73,354.81
20187-75,152.59
20188-76,414.97
20189-73,473.77
201810-71,948.37
201811-67,946.23
201812-69,125.53
20191-73,154.79
20192-74,579.87
20193-77,356.64
20194-76,171.70
20195-77,241.72
20196-80,198.03
20197-77,684.29
20198-80,081.02
20199-80,088.87
201910-83,639.77
201911-85,705.10
201912-88,573.14
20201-88,681.26
20202-71,904.80
20203-75,010.09
20204-79,426.21
20205-84,595.48
20206-87,536.39
20207-92,695.35
20208-92,114.15
20209-93,704.04
202010-97,409.21
202011-101,558.92
202012-104,397.79
20211-106,998.89
20212-107,877.74
20213-114,373.58
20214-115,243.08
20215-117,329.47
20216-120,929.38
20217-123,571.88
20218-123,467.46
20219-124,025.75
202110-129,910.46
202111-130,255.24
202112-127,582.47
20221-123,879.30
20222-122,773.57
20223-122,918.81
20224-113,241.75
20225-109,426.20
20226-109,934.68
20227-117,022.61
20228-108,506.40
20229-105,152.28
202210-110,709.67
202211-110,721.67
202212-112,245.71
20231-115,778.05
20232-112,784.69
20233-117,291.82
20234-118,157.07
20235-123,996.61
20236-128,802.78
20237-127,353.72
20238-129,022.62
Click to show 834 more rows

Data Sources

The information on this page is derived from Robert Shiller's book, Irrational Exuberance and the accompanying dataset, as well as the U.S. Bureau of Labor Statistics' monthly CPI logs.

Note that S&P index value for the current quarter is based on a moving average of closing prices, per Robert Shiller's methodology. The inflation data used is based on annual CPI averages.


Ian Webster

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

Email · LinkedIn · Twitter


S&P 500 from 1953 to 2023
Start Value
Average monthly close
$26.18
End Value
Average monthly close
$3,960.66
Change in price+15,028.56%
+7.43% / yr
Change incl. dividends+139,748.50%
+10.79% / yr
Change incl. dividends, inflation-adjusted+12,154.44%
+7.04% / yr
Final amount, nominal
($100 base)
$139,848.50
Final amount, inflation-adjusted
($100 base)
$12,254.44