How would you like a Big Raise?

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Dan Price, the founder of Gravity Systems—a credit card processing company based in Washington—shocked his employees by raising the minimum wage to $70,000 over the next three years.

Questions:
1. What percentage raise will that be based on the average wage now?
2. Where did Dan get the idea?
3. Do you think that his plan will be a success? Detail your answer with examples.

Source:
Hayden, Jen (2015). Washington employer shocks employees by raising his company’s minimum wage—to $70,000 per year. The Daily Kos, April 14 (Retrievable online at http://www.dailykos.com/story/2015/04/14/1377642/-Washington-employer-shocks-employees-by-raising-his-company-s-minimum-wage-to-70-000-per-year)

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