SOLUTION: In 2003, the federal minimum wage rate was $5.75 per hour. In 2007, It increased to $6.75. Find the annual rate of change in the federal minimum wage rate from 2003 to 2007.

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Question 171422: In 2003, the federal minimum wage rate was $5.75 per hour. In 2007, It increased to $6.75. Find the annual rate of change in the federal minimum wage rate from 2003 to 2007.
Answer by Mathtut(3670) About Me  (Show Source):
You can put this solution on YOUR website!
5.75+5.75x=6.75 where x is the interest rate increase
:
5.75x=1
:
x=.174 or 17.4% over 4 years....so to find out an annualize rate we need to
:
divide by 4
:
highlight%2817.4%2F4=4.35%29% per annum