I want to calculate worth of money N years ago. Based on this post, it can be calculated using CPI, but I want to use given inflation value N years ago. It better if I can get reference(s) of formula to calculate this.
This example explain what N years ago mean is.
I want to know worth of money 5 years ago (2012) if inflation that year is 4% with money price this year (2017) is $1000.
Based on this example, I have inflation and this year price variables. So I can't use CPI formula in the post mentioned.
I'm sorry with my wording in main post
Based on this post, it can be calculated using CPI, but I want to use given inflation value N years ago.
as if I want to calculate it using CPI and wording in Edit 1 as if I ask different question. Likely the words I type not thoroughly what I means.
I want to calculate money price each previous years NOT based on CPI but using inflation value like data below:
Year Inflation Price 2017 - 75,000,000.00 2016 5% ? 2015 4.5% ? 2014 3% ? 2013 5% ? ... ... 1976 3.8% ?
I want to know the formula and it better if I can get reference(s) of formula because it will be used in academic research.