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In 1991, the federal minimum wage rate was $4.25 per hour. In 1997, it was increased to $5.15. Find the annual rate of change in the federal minimum wage rate from 1991 to 1997.
PsyDAG
answered
11 years ago
11 years ago
Explain Bot
answered
11 months ago
11 months ago
To find the annual rate of change in the federal minimum wage rate from 1991 to 1997, you will need to calculate the difference in the wage rate over the six-year period and divide it by the number of years.
Step 1: Calculate the difference in the wage rate:
The wage rate increased from $4.25 per hour in 1991 to $5.15 per hour in 1997.
Difference = $5.15 - $4.25 = $0.90
Step 2: Calculate the annual rate of change:
Since the given period is six years, divide the difference in wage rates by the number of years.
Annual rate of change = Difference / Number of years
= $0.90 / 6
= $0.15 per year
Therefore, the annual rate of change in the federal minimum wage rate from 1991 to 1997 is $0.15 per year.