Instruction 2-1 Unless Instructed Otherwise, Compute Hourly Rate and Overtime

question 57

Essay

Instruction 2-1 Unless instructed otherwise, compute hourly rate and overtime rates as follows:  
1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate).
2. If the third decimal place is 5 or more, round to the next higher cent.
3. If the third decimal place is less than 5, drop the third decimal place.
Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.
Refer to Instruction 2-1 . Elder is paid a monthly salary of $2,250. Overtime is paid for hours beyond 40 in each workweek. One week, Elder works 7 hours overtime. Elder's gross pay for the week is __________.

---

Definitions:

Intelligence

The ability to learn from experience, solve problems, and use knowledge to adapt to new situations.

Creativity

The ability to think in novel and unusual ways and come up with unique solutions to problems.

Inverse Relationship

A situation where two variables move in opposite directions, meaning as one variable increases, the other decreases.

Gardner

Howard Gardner is a developmental psychologist best known for his theory of multiple intelligences, which suggests that individuals have various kinds of intelligences.