The Real Value of the US Federal Minimum Wage: The Federal minimum wage was enacted in the mid-1930s and became effective in 1938. On the Canvas link to this assignment you will find an Excel file that provides data running from 1938 to 2021 on (i) the nominal value of the minimum wage set by Congress, and (i) the average annual Consumer Price Index. Use these data to calculate the real value of the minimum wage in each of the years indicated (that is, fill in the fourth column on the spreadsheet). Then graph the movement of the Real Minimum Wage from 1938 to 1921. You should complete this question in Excel.

Federal Minimum Wage Real Value of YEAR CPI (Annual Avg) (Nominal) Minimum Wage 1938 14.1 0.25 1939 13.9 0.3 1940 14.0 0.3 1941 14.7 0.3 1942 16.3 0.3 1943 17.3 0.3 1944 17.6 0.3 1945 18.0 0.4 1946 19.5 0.4 1947 22.3 0.4 1948 24.1 0.4 1949 23.8 0.4 1950 24.1 0.75 1951 26.0 0.75 1952 26.5 0.75 1953 26.7 0.75 1954 26.9 0.75 1955 26.8 0.75 1956 27.2 1957 28.1 1958 28.9 1959 29.1 1960 29.6 1961 29.9 1.15 1962 30.2 1.15 1963 30.6 1.25 1964 31.0 1.25 1965 31.5 1.25 1966 32.4 1.25 1967 33.4 1.4 1968 34.8 1.6 1969 36.7 1.6 1970 38.8 1.6 1971 40.5 1.6 1972 41.8 1.6 1973 44.4 1.6 1974 49.3 2 1975 53.8 2.1 1976 56.9 2.3 1977 60.6 2.3 1978 65.2 2.65 1979 72.6 2.9 1980 82.4 3.1 1981 90.9 3.35 1982 96.5 3.35 1983 99.6 3.35 1984 103.9 3.35 1985 107. 3.35 1986 109.6 3.35 1987 113.6 3.35 1988 118.3 3.35 1989 124.0 3.35 1990 130.7 3.8 1991 136.2 4.25 1992 140.3 4.25 1993 144.5 4.25 1994 148.2 4.25 1995 152.4 4.25 1996 156.9 4.75 1997 160.5 5.15 1998 163.0 5.15 1999 166.6 5.15 2000 172.2 5.15 2001 177.1 5.15 2002 179.9 5.15 2003 184.0 5.15 2004 188.9 5.15 2005 195.3 5.15 2006 201.6 5.15 2007 207.342 5.85 2008 215.303 6.55 2009 214.537 7.25 2010 218.056 7.25 2011 224.939 7.25 2012 229.594 7.25 2013 232.957 7.25 2014 236.736 7.25 2015 237.017 7.25 2016 240.007 7.25 2017 245.120 7.25 2018 251.107 7.25 2019 255.657 7.25 2020 258.811 7.25 2021 270.970 7.255. The Real Value of the US Federal Minimum Wage: The Federal minimum wage was enacted in the mid-19305 and became effective in 1938. On the Canvas link to this assignment you will find an Excel le that provides data running from 1938 to 2021 on (i) the nominal value of the minimum wage set by Congress, and (ii) the average annual Consumer Price Index. Use these data to calculate the real value ofthe minimum wage in each of the years indicated (that is. fill in the fourth column on the spreadsheet). Then graph the movement of the Real Minimum Wage from 1938 to l92l. You should complete this question in Excel. 011 the Canvas page for this course, I have uploaded a link to a short video that shows how to perform basic mathematical operations in Excel; there is also a tutorial on constructing charts in Excel. As indicated above, you should submit the answer to this question on Canvas as a separate Excel file