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In 1950, the average price of a new car was $1,510. In 2020, the average new car price was $37,851. In 1950, the average income
In 1950, the average price of a new car was $1,510. In 2020, the average new car price was $37,851. In 1950, the average income was $2,570 and the average income grew to $81,654 in 2020. Assuming the increase in the car price was the inflation rate, what was the annual inflation rate over this period? What was the real salary in 2020 in terms of 1950 dollars
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