Question

in 2020 the hourly minimum wage for a city of Madison workers is $10.05. suppose that early minimum wage in the state will be raised by 3.1% per year. write a formula tomorrow what Madison early minimum wage, W will be t years after 2020

Answer 1

`W\text{ = 10.50(1+0.031})^t`

Step-by-step explanation

The relationship between W and t could be expressed using Exponential Decay or Growth Function

The expression for the equation is:

`\begin{gathered} f(x)\text{ = }ab^x \\ \text{where b = 1 + r} \\ f(x)=a(1+r)^x \end{gathered}`

r is the percent decay or growth rate= 3.1/100 = 0.031

a is the initial value = $10.05

b is the growth factor = 1 + r

x is the time t

substituting the values

`W\text{ = 10.50(1+0.031})^t`