The table contains the inflation rates since 2016.

 

a. Look up the Ohio state minimum wage for 2019, 2020, 2021, and 2022.

b. Calculate the percent change for each year (i.e. 2019 to 2020, etc.)

c. Did the minimum wage increase equal to the inflation rate?

d. Predict what the inflation rate might be for 2023, 2024, and 2025. (You can estimate.)

e. What is your major and/or type of job you are interested in after you graduate? Look up the starting salary for someone in this field. Write your answer below and cite your source.

f. Give yourself a cost of living increase that is equal to the inflation rates you predicted in part d for each year – 2023, 2024, and 2025. (You should show 3 new salaries.)

g. Calculate your overall percent raise for those 3 years.

2016 2017 2018 2019 2020 2021 2022 2.07 2.11 1.91 2.29 1.36 7.04 1.76