Randy's Income: Average Hourly Wage, Weekly Wage, Annual Salary, and Overtime Pay Rate

Explanation:

A) What is the average hourly wage of Randy?

To calculate Randy's average hourly wage, we need to consider his total earnings for the week. Randy earns $32.50 per hour for his first 40 hours per week. Assuming he works 40 hours, his total earnings for the week would be $32.50/hour x 40 hours = $1300.

His average hourly wage can be calculated by dividing his total earnings by the total number of hours he worked in a week. Since he worked 40 hours, Randy's average hourly wage is $1300/40 hours = $32.50/hour.

B) What is the total weekly wage of Randy?

To calculate Randy's total weekly wage, we multiply his hourly rate for the first 40 hours by the number of hours he worked in a week. Randy earns $32.50 per hour for the first 40 hours. Assuming he works 40 hours, his total weekly wage would be $32.50/hour x 40 hours = $1300.

C) What is Randy's annual salary?

To calculate Randy's annual salary, we multiply his hourly rate for the first 40 hours by the number of hours he works in a year. Assuming he works 40 hours per week for 52 weeks, his total annual salary would be $32.50/hour x 40 hours/week x 52 weeks = $68,120.

D) What is Randy's overtime pay rate?

Randy's overtime pay rate would depend on his specific company policy. However, based on the information provided, we know that Randy earns $32.50 per hour for his first 40 hours per week. Any additional hours beyond the first 40 hours may be considered overtime. If Randy's company follows the standard practice of paying time and a half for overtime, his overtime pay rate would be 1.5 times his regular hourly rate. Therefore, Randy's overtime pay rate would be $32.50/hour x 1.5 = $48.75/hour.