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.
Find the Formula for w(t)
My work so far:
n=y(not)
t=0
y=1.60
1.60=nb^0
n=1.6
t=8
y=2.30
2.30=1.60b^8
b=1.04640783
the final answer is suppose to be
y=1.113(1.04640783)^t
but i don't know how to find the 1.113
where did that come from?
 👍
 👎
 👁
 ℹ️
 🚩
1 answer

I see an error in your first calculation
1960 > t = 0
1968 > t = 8, you had t = 0
so
1.6 = a(b)^8
2.3 = a(b)^16
divide the second equation by the first
1.4375 = b^8
b = 1.0464678
then in the first
1.6 = a(1.0464678)^8
1.6 = a(1.4375)
a = 1.6/1.4375
a = 1.11304
so w(t) = 1.11304(1.0464678)^t 👍
 👎
 ℹ️
 🚩
Answer this Question
Related Questions

Math
1. A painter earns $15 per hour. What is the minimum number of hours he must work to earn at least $200? Write an inequality to represent this situation and solve. I THINK: So you know that he earns $15 per hour so we can write that as 15h, h = # of hours

Calculus Please Help
A continuous function f, defined for all x, has the following properties: 1. f is increasing 2. f is concave down 3. f(13)=3 4. f'(13)=1/4 Sketch a possible graph for f, and use it to answer the following questions about f. A. For each of the following

Economics
Business and Labor Unit Test 1 Which of the following are benefits enjoyed by sole proprietorships? Select the two correct answers.(1 point) easy access to credit control of decisionmaking******** unlimited liability low regulatory burden*************

economics
An employer has narrowed a list of applicants down to two individuals. The two candidates look nearly identical on paper, but one of them has earned a fouryear college degree. The employer decides to offer employment to the college graduate. What does

economics
An employer has narrowed a list of applicants down to two individuals. The two candidates look nearly identical on paper, but one of them has earned a fouryear college degree. The employer decides to offer employment to the college graduate. What does

Math
In a certain state, the maximum speed permitted on freeways is 65 mi/h and the minimum speed is 40 mi/h. The fine for violating these limits is $15 for every mile per hour above the maximum speed or below the minimum speed. Express the amount of the fine F

differentiability
If g is a differentiable function such that g(x) is less than 0 for all real numbers x and if f prime of x equals (x24)*g(x), which of the following is true? A. f has a relative maximum at x=2 and a relative minimum at x=2, B. f has a relative minimum at

Math
Determine the maximum and minimum number of turning points for the function h(x) = 2x^4  8x^3 + 5x 6. Maximum:3 Minimum:1 Is this a valid reason: A quartic polynomial function has a 3 Turning points. The turning point is always 1 less than the degree.

Econ
1. When Joe started his job at the laundromat 5 years ago, his wage was $5.50 an hour. Today his wage is $8.50 an hour. If Joe started his job in the base year, and his real wage is the same as when he started, what is the Consumer Price Index today? 2.

math
a company employs 12 gardeners at $26 per day , and 8 clerks at $17 per day. What is the mean daily wage,in dollars,of the 20 employees?

math
Sasha reads at a rate of 0.8 pages per minute in her favorite novel, but only 0.5 pages per minute in the autobiography she is currently reading. Her English class has a minimum reading requirement of at least 75 pages per week. This situation is

chemistry
When the conductivity is at a minimum, what must be true about the amount of Ba(OH)2 compared to H2SO4? The Ba(OH)2 dissociates as Ba+2 + 2 OH. H2SO4 dissociates as 2 H+ + SO42. Why does it not conduct at this low point? Why does it conduct more before

math
Determine whether the given quadratic function has a minimum value or maximum value. Then find the coordinates of the minimum or maximum point.f(x) = x2 + 2x  9

physics
A pump lifts 200kg of water per hour a height of 6.0m . Part A What is the minimum necessary power output rating of the water pump in watts? Part B What is the minimum necessary power output rating of the water pump in horsepower?

c programming
Write a program to read minimum temperature and maximum temperature of all days in August, 2020. Find out average temperature for each day (average of maximum and minimum). Using a function find out standard deviation of the average temperature. Print

MATH
A large health care system gave all nurses a flat wage increase. A union representative sampled 50 nurses and found that the mean increase in total wages was 5.2% with a standard deviation of 1.61. Using a 95% confidence interval, which statement from the

math
What are the coordinates of the vertex of the graph? Is it a maximum or a minimum? a. (−2, −1); maximum b. (−1, −2); maximum c. (−2, −1); minimum d. (−1, −2); minimum the graph shows the shape like a U and it's towards the negative area

calculus
A container company is tasked to make an opentop rectangular box with a square base. The box must have a volume of 108cm^(3). let the length of the sides of the square base be x cm and the height h cm. (1) what value of x will produce the minimum outer

Math PreCal (Exponential Functions)
The federal minimum wage was raised to $1.00 per hour in 1956. It was raised to $2.00 per hour in 1974. If it had continued to increase at this same exponential rate, what would it be in 2016? I tried working this problem and got ~$10.08 for 2016. I'm not

MATH/Word problem
A large health care system gave all nurses a flat wage increase. A union representative sampled 50 nurses and found that the mean increase in total wages was 5.2% with a standard deviation of 1.61. Using a 95% confidence interval, which statement from the
Still need help?
You can ask a new question or browse existing questions.