Question

A typical annual pay of full-time management position in Fort Worth Texas is a $121991. The living hourly wage of one adult and 3 children in the area is $53.30. How much higher is the equivalent hourly wage than the living hourly wage round to the nearest two decimal places

Answer 1

[AI-generated answer — Bot GPT 3.5]

To find the equivalent hourly wage, we need to divide the annual pay by the number of working hours in a year.

According to the Bureau of Labor Statistics, the average number of working hours in a year is considered to be 2080.

Equivalent hourly wage = Annual pay / Number of working hours per year

Equivalent hourly wage = $121,991 / 2080 hours

Equivalent hourly wage ≈ $58.69

To find the difference, we subtract the living hourly wage from the equivalent hourly wage.

Difference = Equivalent hourly wage - Living hourly wage

Difference = $58.69 - $53.30

Difference ≈ $5.39

Therefore, the equivalent hourly wage is approximately $5.39 higher than the living hourly wage.