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
$5.53
$5.53
$5.87
$5.87
$58.65
$58.65
$5.35
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 position has 2080 working hours in a year, the equivalent hourly wage would be $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.