In 1968 the US minimum wage was $1.60 per hour. In 1976, the minmum wage was $2.30. Assume that the minimum wage grows according to an exponential model.1) find the function w(t) which gives the predicted minimum wage t years after 1968.2)given that the minimum wage was $5.15 in 1996, does this model over/under estimate the minimum wage?3) what does w(t) predict the minimum wage will be this year?

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Asked Apr 29, 2019
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In 1968 the US minimum wage was $1.60 per hour. In 1976, the minmum wage was $2.30. Assume that the minimum wage grows according to an exponential model.

1) find the function w(t) which gives the predicted minimum wage t years after 1968.

2)given that the minimum wage was $5.15 in 1996, does this model over/under estimate the minimum wage?

3) what does w(t) predict the minimum wage will be this year?

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