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

Responses

$5.35
$5.35

$5.53
$5.53

$5.87
$5.87

$58.65

Answer 1

To calculate the equivalent hourly wage, we divide the annual pay by the number of hours worked in a year. The average number of hours worked in a year is typically around 2,080.

Equivalent hourly wage = Annual pay / Number of hours worked in a year
Equivalent hourly wage = $121,991 / 2,080
Equivalent hourly wage ≈ $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.

Difference = Equivalent hourly wage - Living hourly wage
Difference = $58.65 - $53.30
Difference ≈ $5.35

Therefore, the answer is $5.35.

Answer 2

Are you sure

Answer 3

I apologize for the error in my previous response. Let me recalculate the difference between the equivalent hourly wage and the living hourly wage.

Equivalent hourly wage = Annual pay / Number of hours worked in a year
Equivalent hourly wage = $121,991 / 2,080
Equivalent hourly wage ≈ $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.

Difference = Equivalent hourly wage - Living hourly wage
Difference = $58.65 - $53.30
Difference ≈ $5.35

Therefore, the correct answer is $5.35.