Question

Examine the first plan to increase the current minimum wage of $8.70 by $0.25 per year....

Examine the first plan to increase the current minimum wage of $8.70 by $0.25 per year.

A. Write a formula to model what the federal minimum wage, W, should be t years after 2020.

B. What would minimum wage be in 2025? Round to the nearest cent.

C. In what year will minimum wage be at least double the 2020 value?

Math   Statistics-And-Probability   
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Answer #1

The rate of increase is $0.25 per year hence that's the slope of the line.

Starting wage is $8.70 hence that's the y-intercept of the line.

A) So, equation is:

W = 0.25t + 8.7

B) For 2025 t = 2025 - 2020 = 5

So, W = 0.25*5 + 8.7 = 1.25 + 8.7 = 9.95

Hence, in 2025 the minimum wages will be $9.95.

C) Minimum wages to be double of 2020 so it will be 2*8.7 = 17.4

17.4 = 0.25t + 8.7

17.4 - 8.7 = 0.25t

8.7 = 0.25t

t = (8.7)/0.25 = 34.8

So, in year 2020 + 34.8 = 2054.8 or in 2055 (rounded to nearest year) the wages will be at least double of 2020 value.

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