Please Help,
The last question has to be done by midnight.
A chevy Bel Air, a classic car today, cost $2,400.0 new in mid-1963. How much would that be in 2012 dollar.
Look up the cpi and how it is calculated. For example, if the cpi for 2013 is based on 1963 dollars, and is 8.47, then that means that in the last 40 years prices have gone up an average of 8.47^(1/39) = 1.056 or 5.6% each year.
So, in terms of 2012 dollars, just divide by the cpi for 2012 to get the equivalent price in 1963.