Chapter 7, Section 7.3, Question 050 When the minimum wage was enacted in 1938, it was $0.25 per hour.1 (a) If the minimum wage increased at the average rate of inflation, 3.8% per year,2 how much would it be in 2014? Round your answer to two decimal places. The minimum wage would have been $ per hour (b) The minimum wage in 2014 was $7.25. Has the minimum wage been increasing faster or slower than inflation? than inflation The minimum wage has been increasing (c) If the minimum wage grows at 3.8% per year from 1938, when does it reach $8 per hour? Round your answer to the nearest integer. The minimum wage reaches $8 per hour in the year www.dol.gov, accessed September 8, 2014 2http://www.usinflationca lculator.com, accessed September 8, 2014

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