then-year definition
then-year is a financial term that means the cost reflects the money as it is spent including the effects of inflation (also known as nominal, current year or as-spent dollars). For example if $1.00 was spent last year and $1.10 this year, the total as a “then-year” value would be $2.10. The counterpart to “then-year” is constant year which adjusts for inflation (also known as real, constant year or base-year dollars). Using the previous example with 10 per cent inflation, the value of the two years in the first year would be $2.00 since the $1.10 of the second year is reduced by $0.10 to remove the