In 2000, the federal minimum hourly wage was $5.15. 2000 CPI=172.2 2016 CPI=240.0 (a) Find the inflation rate from 2000 to 2016 as measured by the CPI. (b) Complete the sentence: “If adjusted for inflation, the federal minimum hourly wage would increase from $5.15 to $_________________ in 2016.” Show how you got this. (c) The current federal minimum hourly wage is $7.25. As measured by the CPI, has the minimum wage kept up with inflation? Explain

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