The table below shows the nominal minimum wage in B.C. for selected years and the corresponding consumer price index (CPI). YearMinimum Wage ($ per hour)CPI (2002= 100)YearMinimum Wage ($ per hour)CPI (2002 = 100) 19763.0035.420007.6096.5 19874.0069.320028.00100 19905.0078.420108.00116.3 19936.0085.520118.75119.9 19956.5087.6201210.25121.7 19987.1591.3201510.45128.5 1. Based on constant 2002 dollars, calculate the real minimum wage rate for all the years shown. 2. Interpret the meaning of the real minimum wage rates derived in (1) for 1976 and 2015. 3. Plot accurately both the nominal and the real minimum wages for all the years on the same graph. (Graph paper a must.) 4. To have the same purchasing power in 2015 as in 1976, what should be the nominal minimum wage be for 2015? (Show your work in all cases.)