In 1967, the U.S. minimum wage was $1.40 per hour. In 1974, the minimum wage was $2.00 for each hour. Suppose the minimum wage grows according to an exponential model w(t), where t represents the time in years after 1960.
a) Find a formula for w(t). (Round values to three decimal places.)
b) What does the model predict for the minimum wage in 1960? (Round your answer to the nearest cent.)
c) If the minimum wage was $5.15 in 1996, is this above, below, or equal to what the model predicts?