To calculate the value of 46 dollars in today's money, we can use the following formula:
```
Value in today's dollars = Value in historical dollars * (CPI in current year / CPI in historical year)
```
Plugging in the values, we get:
```
Value in 2023 dollars = 46 * (299.16 / 29.6)
Value in 2023 dollars ≈ 491.31
```
Therefore, the purchasing power of 46 dollars in 1960 is equivalent to approximately 491.31 dollars in 2023, considering inflation.
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