The first federal minimum wage was established in 1938 at $0.25 per hour. Since then, the hourly federal minimum wage has been periodically increased as shown in the graph below. Calculate the average growth rate of the hourly federal minimum wage from $0.25 in 1938 to $7.25 in 2020. Round to three decimal places. Write a sentence that interprets this result in context.
The first federal minimum wage was established in 1938 at $0.25 per hour. Since then, the hourly federal minimum wage has been periodically increased as shown in the graph below. Calculate the average growth rate of the hourly federal minimum wage from $0.25 in 1938 to $7.25 in 2020. Round to three decimal places. Write a sentence that interprets this result in context.
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter3: Straight Lines And Linear Functions
Section3.3: Modeling Data With Linear Functions
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The first federal minimum wage was established in 1938 at $0.25 per hour. Since then, the hourly federal minimum wage has been periodically increased as shown in the graph below.
Calculate the average growth rate of the hourly federal minimum wage from $0.25 in 1938 to $7.25 in 2020. Round to three decimal places. Write a sentence that interprets this result in context.
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The unadjusted federal minimum wage has been a constant value of $7.25 since 2009. What trend do you observe in the adjusted federal minimum wage from 2009 to 2020. explain why this trend occurs.
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