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
$5.87
$5.87
$5.53
$5.53
$5.35
$5.35
$58.65
To find the equivalent hourly wage, we first divide the annual salary by the number of working hours in a year. Assuming a typical work year consists of 40 hours per week and 52 weeks per year, the number of working hours in a year would be 40 * 52 = 2,080 hours.
To find the equivalent hourly wage, we divide the annual salary by the number of working hours:
Equivalent hourly wage = Annual salary / Number of working hours
Equivalent hourly wage = $121,991 / 2,080
Equivalent hourly wage ≈ $58.71
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:
Difference = Equivalent hourly wage - Living hourly wage
Difference = $58.71 - $53.30
Difference ≈ $5.41
Rounding the answer to two decimal places, the difference between the equivalent hourly wage and the living hourly wage is $5.41.