So, I'm going to be playing a Wizard in a friend's pathfinder game soon. I wanted to make a custom magic item, similar to the Efficient Quiver. At the time I had only skimmed the Efficient Quivers abilities and assumed it only worked with arrows and bows. So I looked to the custom magic item creation rules to determine the DC and gold price to make what is essentially a golf bag for my Metamagic Rods that carries a lot of them.
My assumption based on reading the rules; the DC is 5 + the Caster Level for the item (Which I assume is my character's Caster Level, in this case 12) and thus the DC for this would be 17. Now we move on to the cost, as determined by the formulae found on the "Table: Estimating Magic Item Gold Piece Values" as this new magic item is based on the Efficient Quiver, using the same spell (Secret Chest: Wizard/Sorc 5), and using the crafter's caster level (12), as the effect I want is a continuous effect the cost formula is as follows: (Spell level × caster level × 2,000 gp squared)
Now I did the math, and If I'm following PEMDAS correctly then my math process goes as follows
5 (Spell level) x 12 (Caster Level) = 60
60 x 2000gp = 120,000
120,0002 = 14 400 000 000gp
This item, which is near identical to the Efficient Quiver is 8 millions times the price of the item in question.
Am I doing the math wrong? Is the formula an error that got FAQ'd or Errata'd? Because then this object would be impossible to craft.