SOLUTION: In 1991, the federal minimum wage rate was $4.25 per hour. in 1997, it was increased to $5.15. find the annual rate of change in the federal minimum wage rate from 1991 to 1997.

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Question 173449This question is from textbook algebra 1
: In 1991, the federal minimum wage rate was $4.25 per hour. in 1997, it was increased to $5.15. find the annual rate of change in the federal minimum wage rate from 1991 to 1997. This question is from textbook algebra 1

Answer by Mathtut(3670) About Me  (Show Source):
You can put this solution on YOUR website!
5.15-4.25=.85
:
rate of change from 1991 to 1197 is .85/5.15=.165 or 16.5%
:
on an annulized basis this would be highlight%2816.5%2F6=2.75%29%