Quote:
Originally Posted by iggy_oi
In 1965 the minimum wage was $1/hour and inflation during that same year was 2.4%, that means to keep pace with inflation the minimum wage would need to be increased to $1.024 for 1966. Now clearly our currency doesn’t allow for $1.024 to be paid without rounding, which you’ve done in your calculation. The problem is that $1.02 isn’t a 2.4% increase on $1...
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https://www.bankofcanada.ca/rates/re...on-calculator/
Inflation calculator from bank of Canada says 1 in 1965 is worth 7.28 in 2013. So a little different but not much. Maybe with rounding the inflation percentage also it made a difference.