Minimum wage should be $35.20/hr.

In 1978-79, average public 4-year in-state college tuition was roughly $688 a year. Assuming that a summer job spans one-fourth of a year, a minimum wage of $2.65/hr generated $1,378, which would cover said tuition amount.
In 2015, the average public 4-year in-state college tuition is roughly $9,139.
If minimum wage increased proportionately with that of college tuition, minimum wage would be $35.20/hr.
An annual salary of $73,218 is much higher than the average entry level salary for a college grad.

Sources consulted:

• http://nces.ed.gov/programs/digest/d06/tables/dt06_319.asp
• http://www.dol.gov/whd/minwage/chart.htm
• http://college.usatoday.com/2014/11/13/stock-up-on-ramen-average-cost-of-college-rises-again/
• http://www.forbes.com/sites/susanadams/2014/11/19/the-college-degrees-with-the-highest-starting-salaries-in-2015/