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
$5.35
$5.35
$5.53
$5.53
$5.87
$5.87
$58.65
To calculate the equivalent hourly wage, we divide the annual pay by the number of hours worked in a year. The average number of hours worked in a year is typically around 2,080.
Equivalent hourly wage = Annual pay / Number of hours worked in a year
Equivalent hourly wage = $121,991 / 2,080
Equivalent hourly wage ≈ $58.65
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.
Difference = Equivalent hourly wage - Living hourly wage
Difference = $58.65 - $53.30
Difference ≈ $5.35
Therefore, the answer is $5.35.
Are you sure
I apologize for the error in my previous response. Let me recalculate the difference between the equivalent hourly wage and the living hourly wage.
Equivalent hourly wage = Annual pay / Number of hours worked in a year
Equivalent hourly wage = $121,991 / 2,080
Equivalent hourly wage ≈ $58.65
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.
Difference = Equivalent hourly wage - Living hourly wage
Difference = $58.65 - $53.30
Difference ≈ $5.35
Therefore, the correct answer is $5.35.