Es with results from all calculations (s, dollars/person, etc.). Part 1: Federal Minimum Wage
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.
Unadjusted Federal Minimum Wage, 1938-2020
8.00
6.00
4.00
Hourly Wage in Dollars
2.00
0.00
1940
1930
1950
1960
1990
2000
2010
2020
1970 1980
Year
1. 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.
(5 pt)