John Porter is an hourly employee of Motter Company located in New York City. This week, Porter had to travel to the company's regional office in Albany. He left Sunday at noon and arrived in Albany at 3:00 P.M. During the week, he worked his normal 40 hours in the Albany office (Monday through Friday-9 A.M. to 5 P.M.). In addition, he attended the company's mandatory 5- hour work training session on Wednesday evening. Porter's hourly rate of pay is $14.70 per hour. Round the overtime rate to two decimal places and use the rounded amount in subsequent computations. Round the final answers to the nearest cent. a. Porter's overtime earnings for the week are b. Porter's total earnings for the week are

John Porter is an hourly employee of Motter Company located in New York City. This week, Porter had to travel to the company's regional office in Albany. He left Sunday at noon and arrived in Albany at 3:00 P.M. During the week, he worked his normal 40 hours in the Albany office (Monday through Friday-9 A.M. to 5 P.M.). In addition, he attended the company's mandatory 5- hour work training session on Wednesday evening. Porter's hourly rate of pay is $14.70 per hour. Round the overtime rate to two decimal places and use the rounded amount in subsequent computations. Round the final answers to the nearest cent. a. Porter's overtime earnings for the week are b. Porter's total earnings for the week are

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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3. If the third decimal place is less than 5, simply drop the third decimal place.
Examples: Monthly rate $1,827
Weekly rate ($1,827 x 12)/52 = $421.615 rounded to $421.62
Hourly rate $421.62/40 = $10.540 rounded to $10.54
O.T. rate $10.54 x 1.5 = $15.81
Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.
Example 2-9
John Dilcher is paid an hourly rate of $18.50 per hour, and he worked 49 hours this week. His gross pay is:
40 hours x $18.50
$740.00 regular earnings
9 hours x $27.75 ($18.50 × 1.5)
249.75 overtime earnings
Total gross pay
$989.75
John Porter is an hourly employee of Motter Company located in New York City. This week, Porter had to travel to the company's regional office in Albany. He left Sunday at noon and arrived
in Albany at 3:00 P.M. During the week, he worked his normal 40 hours in the Albany office (Monday through Friday-9 A.M. to 5 P.M.). In addition, he attended the company's mandatory 5-
hour work training session on Wednesday evening. Porter's hourly rate of pay is $14.70 per hour.
Round the overtime rate to two decimal places and use the rounded amount in subsequent computations. Round the final answers to the nearest cent.
a. Porter's overtime earnings for the week are
b. Porter's total earnings for the week are
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