In 1976, a certain model of car cost $5,000. What would be the cost of that car in 2012 dollars? Express your answer rounded to the nearest cent

The cost of that car in 2012 dollars is $20,755

Step-by-step explanation:

We take a look at inflation values of the dollar to solve this question.

100 dollars in 1976 are equivalent to 469.48 dollars in 2021.

100 dollars in 2012 are worth 113 dollars today.

So, to find the 2012 equivalent, we divide 469.48 by 113/100 = 1.13. So

469.48/1.13 = 415.5.

That is, 100 dollars in 1976 are equivalent to 415.5 dollars in 2012, that is, 1 dollar in 1976 was worth 4.155 dollars in 2012.

In 1976, a certain model of car cost $5,000. What would be the cost of that car in 2012 dollars?

Multiplying by 4.155

5000*4.155 = 20,755

The cost of that car in 2012 dollars is $20,755

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