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)
To calculate the equivalent hourly wage, we divide the annual pay by the number of working hours in a year.
Assuming a typical workweek is 40 hours and a typical year consists of 52 weeks, the number of working hours in a year is 40 * 52 = 2,080 hours.
Thus, the equivalent hourly wage is $121,991 / 2,080 = $58.61.
To find the difference between the equivalent hourly wage and the living hourly wage, we subtract the living hourly wage from the equivalent hourly wage:
$58.61 - $53.30 = $5.31.
Therefore, the equivalent hourly wage is $5.31 higher than the living hourly wage.