Answered: A worker is reviewing his pay increases…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

A worker is reviewing his pay increases over the past several years. The table below shows the hourly wage W, in dollars, that he earned as a function of time t, measured in years since the beginning of 2000.

Time t	Wage W
1	15.80
2	15.95
3	16.10
4	16.25

(a) By calculating ratios, show that the data in this table are exponential. (Round your answer to two decimal places.)

___________

(b) What is the yearly growth factor for the data? (Round your answer to two decimal places.)
___________

(c) The worker can't remember what hourly wage he earned at the beginning of 2000. Assuming that W is indeed an exponential function, determine what that hourly wage was. (Round your answer to the nearest cent.)
__________$

(d) Find a formula giving an exponential model for W as a function of t. (Round the parameters to two decimal places.)

W(t) = 15.64 × 1.01^t

W(t) = 7.82 × 1.08^t

W(t) = 19.55 × 1.91^t

W(t) = 11.73 × 0.99^t

W(t) = 31.29 × 1.04^t

(e) What percentage raise did the worker receive each year? (Use the model found in part (d).)
____________%

(f) Given that prices increased by 26% over the decade of the 2000s, use your model to determine whether the worker's wage increases kept pace with inflation.

Yes, the wage increases kept pace with inflation rate.

No, the wage increases were lower than inflation rate.

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