The Federal Minimum Wage, in Dollars Per Hour, for the Years

question 2

Multiple Choice

The federal minimum wage, in dollars per hour, for the years 1955 to 2005 is given in the table below. Using the data from 1955 and 1975, find a linear model that predicts the federal minimum wage for the year t . Round to nearest hundredth. Year Federal Minimum Wage 1955 0.75 1965 1.25 1975 2.10 1985 3.35 1995 4.25 2005 5.15

---

Definitions:

Exchange Rate

The value of one currency expressed in terms of another currency, used in international trade and investment transactions.

Commodity

Basic goods used in commerce that are interchangeable with other goods of the same type.

Fixed Exchange Rate System

A currency system where the value of a currency is pegged to another currency, a basket of currencies, or a valuable commodity like gold.

Central Bank

The principal monetary authority of a country, which manages the country's currency, money supply, and interest rates.