(Solved): A local sports team arena was built in January1968 at a cost of 1.2 million dollars. At a fundraiser ...

A local sports team arena was built in January1968 at a cost of 1.2 million dollars. At a fundraiser at the
time of completion, fans have donated 1.2 million to be used in the future to replace the arena. The team
management decided use the donated money to build the arena now (Jan 2023).
Assuming:
1] An annual inflation of 6% between 1968 and 2023.
2] The money was invested since 1968 in a hedge fund with 8% market interest rate.
3] The full construction cost is accrued in Jan 2023.
Define Actual and Real dollars.
How much would the actual dollars in 2023 be in terms of 1968 purchasing power?