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Use the graph below, which shows the minimum wages in the United States (in dollars) from 1950 through 2011 . (Source: U.S. Department of Labor) (a) Which decade shows the greatest increase in minimum wage? (b) Approximate the percent increases in the minimum wage from 1990 to 1995 and from 1995 to 2011 . (c) Use the percent increase from 1995 to 2011 to predict the minimum wage in 2016 (d) Do you believe that your prediction in part (c) is reasonable? Explain. | Numerade

SOLVED:In 1968, the U.S. minimum wage was 1.60 per hour. In 1976, the minimum wage was 2.30 per hour. Assume the minimum wage grows according to an exponential model w(t), where t represents the time in years after 1960 . [UW] a. Find a formula for w(t). b. What does the model predict for the minimum wage in 1960 ? c. If the minimum wage was 5.15 in 1996 , is this above, below or equal to what the model predicts.