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 __________.

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Definitions:

Population

A group of individuals of the same species inhabiting a specific geographical area and capable of interbreeding.

Intrinsic Rate

The maximum rate of growth of a population under ideal conditions, reflecting its potential biological increase.

Increase

A rise or growth in quantity, size, intensity, or another measure, often in reference to numerical or measurable factors.

Growth Rate

Growth rate refers to the rate at which the size of an organism or population increases over a given period of time.