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
$58.65
$58.65
$5.35
$5.35
$5.87
$5.87
$5.53
To find the equivalent hourly wage, we divide the annual pay by the number of working hours in a year. Assuming a typical full-time management position involves 40 hours per week and 52 weeks in a year, the number of working hours in a year is 40 hours/week * 52 weeks = 2080 hours.
The equivalent hourly wage is $121,991 / 2080 hours = $58.65.
To find how much higher this is than the living hourly wage of $53.30, we subtract the living hourly wage from the equivalent hourly wage: $58.65 - $53.30 = $5.35.
Therefore, the answer is $5.35.