Are you assuming that the wage is increasing according to a linear function?
if so,
then you can treat your data as two ordered pairs
(1970,1.60) and (2000,5.15)
slope = (5.15-1.6)/(2000-1970) = 3.55/30 = 71/600 or .11833333..
using y = mt + b and the point (2000,5.15)
5.15 = (71/600)2000 + b
b = -103/20
so y = (71/600)t - 13891/60
check: if t=1970
y = (71/600)(1970) - 13891/60 = 1.6, check!
so now we want y = 7.5
7.5 = (71/600)t - 13891/60
t = 2019.8
so it will take to 2020, WoW!!!
Hi I can't remember how to figure this out. Can you give me an idea?
In 1970, the minimum wage was $1.60 per hour. In 2000, the minimum wage was $5.15 per hour. When will the minimum wage be $7.50 per hour?
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