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The Robinson family includes 2 children and 2 parents who are both working full-time (2,080 hours per work year). Their total annual basic needs budget is $95,477 excluding taxes. On average, what hourly wage should each parent earn in order to remain within their budget?(1 point)
Responses

$18.25
$18.25

$22.95
$22.95

$45.90
$45.90

$31.39

1 answer

To determine the hourly wage each parent should earn to meet the family's budget, we first need to calculate the total number of working hours for both parents combined, and then divide the total budget by this number.

  1. Total hours worked by both parents per year:

    • Each parent works 2,080 hours.
    • Total hours for two parents = 2,080 hours/parent × 2 parents = 4,160 hours.

  2. Total budget needs:

    • $95,477 is the total annual budget.

  3. Hourly wage calculation:

    • Total wage needed = Total budget / Total hours worked
    • Hourly wage = $95,477 / 4,160 hours = $22.95 (approximately).

The average hourly wage each parent should earn to remain within the budget is $22.95.

The correct answer is: $22.95.