A typical annual pay of a full-time management position in Fort Worth, Texas, is $121,991. The living hourly wage of 1 adult with 3 children in the area is $53.30. How much higher is the equivalent hourly wage than the living hourly wage? Round the answer to 2 decimal places.(1 point) Responses $5.53 $5.53 $5.35
To find the equivalent hourly wage, we divide the annual pay by the number of working hours in a year.
Assuming a full-time job is 40 hours per week and there are 52 weeks in a year, the number of working hours in a year is 40 * 52 = 2080.
Therefore, the equivalent hourly wage is $121,991 / 2080 = $58.65.
To find how much higher the equivalent hourly wage is than the living hourly wage, we subtract the living hourly wage from the equivalent hourly wage:
$58.65 - $53.30 = $5.35.
So the answer is $5.35.