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
To find the equivalent hourly wage, we divide the annual salary by the number of working hours in a year. Let's assume that a full-time job is about 40 hours per week and there are 52 weeks in a year, so there are 40 * 52 = 2080 working hours in a year.
The equivalent hourly wage is $121991 / 2080 = $58.65.
To find the difference, we subtract the living hourly wage from the equivalent hourly wage: $58.65 - $53.30 = $5.35.
Therefore, the equivalent hourly wage is $5.35 higher than the living hourly wage.