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 find the equivalent hourly wage, we divide the annual pay by the number of hours worked in a year. Assuming a standard 40-hour workweek and 52 weeks in a year, we calculate the equivalent hourly wage as follows:
Equivalent hourly wage = Annual pay / (52 weeks * 40 hours/week)
= $121,991 / (52 * 40)
= $121,991 / 2,080
≈ $58.63
Now we can calculate the difference between the equivalent hourly wage and the living hourly wage:
Difference = Equivalent hourly wage - Living hourly wage
= $58.63 - $53.30
≈ $5.33
Therefore, the equivalent hourly wage is approximately $5.33 higher than the living hourly wage.
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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)
answers:
$58.65
$5.87
$5.53
$5.35