Trying to answer the following might be fun as well: How much is a 1000 USD from today in that era in terms of purchasing power? What could you have bought with the equivalent amount of money, and how many people could have afforded the iPhone equivalent then?
Yep. I just checked with http://www.usinflationcalculator.com/. That site has a calculator that comes up with almost the exact same conclusion as you.
Or, you could assume an average rate of inflation and calculate this using the rule of 72. I like to keep that formula in my pocket for things like this.
