To find the equivalent hourly wage for a typical annual pay of $121,991, we can use the following formula:
\[ \text{Hourly Wage} = \frac{\text{Annual Salary}}{\text{Number of Working Hours in a Year}} \]
Assuming a standard work year of 40 hours per week for 52 weeks, the number of working hours is:
\[ 40 \text{ hours/week} \times 52 \text{ weeks/year} = 2080 \text{ hours/year} \]
Now, we can calculate the equivalent hourly wage:
\[ \text{Hourly Wage} = \frac{121,991}{2080} \approx 58.65 \]
Now, to find out how much higher this is than the living hourly wage of $53.30:
\[ \text{Difference} = 58.65 - 53.30 = 5.35 \]
Thus, the equivalent hourly wage is $5.35 higher than the living hourly wage.
The correct response is: $5.35.