ArcMap Tutorial: How to Georeference Aerial Photos

In this video, I have an old "undefined" aerial photo with coordinate system. How do I spatially project this aerial photo? I decided to use the old photo to match against a current photo I have that is projected. I use georeference techniques on how to spatially transform the old photo in order to get relevant ground coordinates. I used ArcMap 10.7 in this video.

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