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 $31.39 $31.39 $45.90 $45.90 $22.95 $22.95 $18.25 $18.25
To find the hourly wage for each parent, we divide the total annual basic needs budget by the total number of working hours in a year (2 parents x 2080 hours per parent).
Total annual basic needs budget = $95,477
Total number of working hours in a year = 2 parents x 2080 hours per parent = 4160 hours
Hourly wage for each parent = Total annual basic needs budget / Total number of working hours in a year
Hourly wage for each parent = $95,477 / 4160 hours
Hourly wage for each parent ≈ $22.95
Therefore, each parent should earn an average hourly wage of $22.95 in order to remain within their budget.