IPhone 5s: The amazing power in one's pocket

An iPhone 5s would have cost more than $3.5 million in 1991

Excerpt:

The iPhone 5s is so advanced, compared to what was available in 1991, that it would actually cost more than $3.5-million to buy something resembling it 23 years ago. This was calculated by an analyst over at Tech Police Daily, where the cost was put down to the following factors. Flash storage in 1991 cost $45,000 per gigabyte. When you consider a 32GB iPhone 5s, the total cost is $1.44 million. Processors cost about $30 per MIPS (millions of instructions per second) in 1991. The A7 chip can execute 20,500 million instructions per second, so the total cost for a similar processor in 1991 would be $620,000.

Comment: Having sold mainframe and midrange computers (1973-78), I found this incredible. See DEC 10 article