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)

Question

Visualize an image representing a full-time management job scenario in Fort Worth, Texas. Incorporate elements such as an office building, an urban backdrop illustrating the cityscape of Fort Worth, and a calendar signifying 'annual'. Show a depiction of 1 adult with 3 children illustrating the concept of 'Living wage'. Keep the focus on the contrast between these two elements to highlight wage difference. All components of the image should be without any written text.

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

$58.65
$58.65

$5.53
$5.53

$5.87

Answer 1

To find the equivalent hourly wage, we need to divide the annual pay by the number of working hours in a year. Assuming a typical full-time work week of 40 hours and 52 weeks in a year, the number of working hours in a year is 40 * 52 = 2080.

The equivalent hourly wage is $121,991 / 2080 = $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: $58.65 - $53.30 = $5.35.

Therefore, the answer is $5.35.