Use the table to the right, which shows the federal minimum wage over the past 70 years, to answer the following question. How high would the minimum wage need to have been in 1945 to match the highest inflation-adjusted value shown in the table (that is, the highest value in 1996 dollars)? How does that compare to the actual minimum wage in 1945?		Year	Actual dollars	1996 dollars		Year	Actual dollars	1996 dollars
1938	$0.25	$2.78		1979	$2.90	$6.27
1939	$0.30	$3.39		1981	$3.35	$5.78
1945	$0.40	$3.49		1990	$3.50	$4.56
1950	$0.75	$4.88		1991	$4.25	$4.90
1956	$1.00	$5.77		1996	$4.75	$4.75
1961	$1.25	$6.41		1997	$5.15	$5.03
1967	$1.40	$6.58		2007	$5.85	$4.42
1968	$1.60	$7.21		2008	$6.55	$4.77
1974	$2.00	$6.37		2009	$7.25	$5.12
1976	$2.30	$6.34		2016	$7.25	$4.74
1978	$2.65	$6.38

In order for the minimum wage in

1945

to match the highest inflation-adjusted value, the minimum wage would need to be

$enter your response here,

which is

more than

the actual minimum wage in

1945.

(Round to the nearest cent as needed.)