Modeling Project (100 points possible) This project must be completed independently. You are only permitted to use the materials that are posted on your MAT 105 Blackboard Site and assignments that you have completed in class as resources. You may not ask for help from others or give help to others on specific project questions. Type or write your name in the space below to certify that you understand and have abided by this policy. Ayrianna Powell This document is copyrighted. If you post any of the questions online, you are stealing intellectual property and will be formally charged with a violation of academic integrity. Show all work for credit. A good rule of thumb is that if you type it in your calculator, you should write it on your paper! If rounding is necessary and no directions are provided, you choose how to round. Include appropriate labels with results from all calculations ($, dollars/person, etc.). . If you type in the Word version, you may need to " save as PDF" or "print to PDF" to keep graphs and charts in position. Part 1: Federal Minimum Wage The first federal minimum wage was establishedin 1938 at $0.25 per hour. Since then, the hourly federal minimum. wage has been periodically increased as shown in the graph below. Unadjusted Federal Minimum Wage, 1938-2020 8.00 6.00 4.00 Hourly Wage in Dollars 2.00 0.00 1940 1950 1960 1970 1980 1990 2000 2010 2020 1930 Year 1. Calculate the average growth rate of the hourly federal minimum wage from $0.25 in 1938 to $7.25 in 2020. Round to three decimal places. Write a sentence that interprets this result in context. (5 pt)