This is going to be somewhat unscientific, but here goes.
20MHz Intel 80386 Microprocessor -> Today’s Price ~ $1.56 (3.2GHz Intel P4 @ $250 / 3200 X 20)
2MB RAM -> Today’s Price ~$0.36 (256MB Kingston Value RAM @ $50 / 256 X 2)
The cost of the CPU is roughly 48% of the total cost of the unit (at least it is today). So that leads to a computer worth around $3.25…monitor, keyboard, and mouse not included of course ;-).
From $8499 to $3.25 in just sixteen years. Wow.