Problem 8046. Gold/Silver Standard
Pursuant to the Gold Standard problem, suppose that you have data for silver rather than gold to make an assessment regarding historical currency values. Historical data for the silver-to-gold ratio is also available from Measuring Worth.
For this problem, you will be provided with a historical year (HY) and a historical value (HV) in dollars. The function template includes data from the previously mentioned site for the value (in dollars) of an ounce of gold (GV), in addition to the silver-to-gold ratio, from 1791 to 2014. Write a function to determine the current value (CV) in dollars assuming that the gold standard must be converted to the silver standard to accurately convert between years. Round the result to two decimal places. If HY is outside of the historical data range, return NaN.
As an example, with HY = 2000 and HV = 1000:
- GV(HY=2000) = $280.10
- N = 1000/280.10 = 3.57 (ounces of gold)
- SR(HY=2000) = 55.96
- NS = 55.96*3.57 = 199.79 (ounces of silver)
- NG = 199.79/66.38 = 3.01 (current ounces of gold) [SR(2014) = 66.38]
- CV = 3.01*1270 (current $/ounce of gold) = $3822.36.
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