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Items Cost

food and groceries $821.33
medical $751.33
housing $1,324.17
transportation $1,251.00
monthly taxes $882.58
other necessities $745.67
The table shows the monthly basic needs budget for a 2-child family with 1 working adult in Fort Worth, Texas.

Determine what hourly wage, working full-time, is required to meet the family’s basic needs. Round to the nearest hundredth.

5 answers

To determine the hourly wage required to meet the family's basic needs, we need to first calculate the total monthly expenses and then divide that amount by the total number of hours worked in a month.

  1. Calculate total monthly expenses:

\[ \text{Total Expenses} = \text{food and groceries} + \text{medical} + \text{housing} + \text{transportation} + \text{monthly taxes} + \text{other necessities} \]

\[ \text{Total Expenses} = 821.33 + 751.33 + 1324.17 + 1251.00 + 882.58 + 745.67 \]

Calculating that step by step:

  • \(821.33 + 751.33 = 1572.66\)
  • \(1572.66 + 1324.17 = 2896.83\)
  • \(2896.83 + 1251.00 = 4147.83\)
  • \(4147.83 + 882.58 = 5030.41\)
  • \(5030.41 + 745.67 = 5776.08\)

So, the total monthly expenses are $5776.08.

  1. Calculate total monthly work hours:

Assuming full-time work is typically 40 hours per week, for a month (approximately 4.33 weeks):

\[ \text{Total Work Hours} = 40 , \text{hours/week} \times 4.33 , \text{weeks/month} \approx 173.2 , \text{hours/month} \]

  1. Calculate the required hourly wage:

\[ \text{Hourly Wage} = \frac{\text{Total Monthly Expenses}}{\text{Total Work Hours}} \]

\[ \text{Hourly Wage} = \frac{5776.08}{173.2} \approx 33.34 \]

Rounding to the nearest hundredth, the required hourly wage is $33.34.

For a family of 4, the estimated monthly cost of living in Fort Worth, Texas is $3,784. If there are 2 full-time working adults in the family, what is the average hourly living wage of each in order to support their basic needs? Round your answer to the nearest hundredth.(1 point)

To find the average hourly living wage for each of the two full-time working adults in the family of four, we can follow these steps:

  1. Total Monthly Cost of Living: The total estimated monthly cost of living for the family is given as $3,784.

  2. Total Monthly Work Hours for Two Adults: Assuming each adult works full-time (40 hours a week), the total number of hours worked by both adults in a month (approximately 4.33 weeks) would be:

    \[ \text{Total Work Hours} = 40 , \text{hours/week} \times 4.33 , \text{weeks/month} \times 2 , \text{adults} \approx 346.4 , \text{hours/month} \]

  3. Calculate the Required Hourly Wage for Each Adult:

    \[ \text{Average Hourly Wage} = \frac{\text{Total Monthly Cost of Living}}{\text{Total Work Hours}} \]

    \[ \text{Average Hourly Wage} = \frac{3784}{346.4} \approx 10.91 \]

Rounding to the nearest hundredth, the average hourly living wage for each adult is $10.91.

Gina loaned Gerry $300 at an interest rate of 10 percent a year. How much interest will Gina get if Gerry pays Gina after 6 months?(1 point)

To calculate the interest Gina will receive from Gerry after 6 months for a loan of $300 at an annual interest rate of 10%, we can use the formula for simple interest:

\[ \text{Interest} = P \times r \times t \]

Where:

  • \( P \) is the principal amount (the initial amount of the loan),
  • \( r \) is the annual interest rate (in decimal form),
  • \( t \) is the time the money is borrowed for (in years).

  1. Identify the variables:

    • \( P = 300 \)
    • \( r = 10% = 0.10 \)
    • \( t = 6 \text{ months} = \frac{6}{12} = 0.5 \text{ years} \)

  2. Plug the values into the formula:

\[ \text{Interest} = 300 \times 0.10 \times 0.5 \]

  1. Calculate the interest:

\[ \text{Interest} = 300 \times 0.10 \times 0.5 = 300 \times 0.05 = 15 \]

So, the interest that Gina will get if Gerry pays her after 6 months is $15.