Wednesday
July 23, 2014

Homework Help: 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?

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