You are trying to increase whole monthly savings to buy a used car. Your boss allows you to work one hour of overtime at time-and-half 5 days per week. Your regular wage is $12.00 per hour. You want to save $3,000 for your car. Approximately how many weeks must you work with the extra hour per day to reach your goal?
To calculate this, we first need to determine how much you will be earning per hour during overtime.
Your regular wage is $12.00 per hour, and during overtime, you will earn time-and-a-half, which is $12.00 x 1.5 = $18.00 per hour.
So, during overtime, you will be earning $18.00 - $12.00 = $6.00 per hour extra.
To save $3,000 for your car, and if you are earning an extra $6.00 per hour during overtime, you will need to work $3,000 / $6.00 = 500 hours of overtime to reach your goal.
Since you are working one extra hour per day, you will be working 5 extra hours per week.
Thus, you will need to work 500 hours / 5 hours per week = 100 weeks to save $3,000 for your car.