In 1955 the minimum wage was $0.75, and in 1995, it was $4.25. let W represent to minimum wage, in dollars, and let t represent the number of years after 1995. Determine the linear W(t) that fits the data.
how do you solve this? step by step would be helpfulHow do you answer this algebra question?
Odd wording, but I think it just wants you to find the compounded growth rate.
Take the 40th root of ( 4.25 / 0.75 ) = 1.0443 or a 4.43% annual growth rate.
W(t) = 0.75 * ( 1.0443 )^t
In words, that is the initial rate times the annual growth rate for t years.
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