2. As in question 1, adjust the historical minimum wage for inflation. Use base years of 1995 in one column, and 2020 in the next. nominal CPI minimum wage 24.1 0.75 adjusted wage (B=1995) adjusted wage (B=2020) year 1950 1955 26.9 0.75 29.6 1.00 1965 31.5 1.25 1970 38.8 1.60 1975 53.8 2.10 1980 82.4 3.10 1985 107.6 1990 130.7 1995 152.4 3.35 3.80 4.25 5.15 5.15 172.2 195.3 2000 2005 2010 2015 217 233.7 7.25 2020 258 7.25 Questions based on the CPI values: a) What is the 1965 minimum wage of $1.25/hour when adjusted to 2020 dollars? b) Notice that the federal minimum wage has not changed in over 10 years. Convert the 2010 minimum wage of $7.25/hr and the 2015 wage of $7.25 to 2020 dollars in order to compare them. c) If you created a price index based on the minimum wage using 1960 as the base year, what would the index number for the year 2000 be