In 1960, the average price of a car was about $2500. This may sound inexpensive, but the average income in 1960 was much less than it is now. To compare dollar amounts over time, use the formula V=ASC, where A is the old dollar amount, S is the starting year's Consumer Price Index (CPI), C is the converting year's CPI, and V is the current value of the old dollar amount. Buying a car for $2500 in 1960 was like buying a car for how much money in 2004?

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06-12-2022
Mathematics

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In 1960, the average price of a car was about $2500. This may sound inexpensive, but the average income in 1960 was much less than it is now. To compare dollar amounts over time, use the formula V=ASC, where A is the old dollar amount, S is the starting year's Consumer Price Index (CPI), C is the converting year's CPI, and V is the current value of the old dollar amount. Buying a car for $2500 in 1960 was like buying a car for how much money in 2004?

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