Homework Help Forum: Math

Posted by SC on Tuesday, November 3, 2009 at 8:48pm.

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?

• Math - Reiny, Tuesday, November 3, 2009 at 9:27pm

  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

  
  

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