Step-by-step explanation:
Value of $1 from 1965 to 2021
$1 in 1965 is equivalent in purchasing power to about $8.41 today, an increase of $7.41 over 56 years. The dollar had an average inflation rate of 3.88% per year between 1965 and today, producing a cumulative price increase of 740.88%.
This means that today's prices are 8.41 times higher than average prices since 1965, according to the Bureau of Labor Statistics consumer price index. A dollar today only buys 11.89% of what it could buy back then.
The 1965 inflation rate was 1.61%. The current year-over-year inflation rate (2020 to 2021) is now 2.62%1. If this number holds, $1 today will be equivalent in buying power to $1.03 next year. The current inflation rate page gives more detail on the latest inflation rates.