Cedric's annual salary of $47,000 is paid monthly, based on an average of 52 weeks in a year. What hourly rate would he be paid for overtime at time and a half if his work week is 40 hours? For full marks your answer(s) should be rounded to the nearest cent.


Overtime = $0.00/hour


To calculate Cedric's hourly rate for overtime pay at time and a half, we need to determine his regular hourly rate first and then apply the overtime multiplier. Here are the steps:

1. **Calculate the monthly salary:**
   \[
   \text{Monthly Salary} = \frac{\text{Annual Salary}}{12}
   \]
   \[
   \text{Monthly Salary} = \frac{47,000}{12} = 3,916.67
   \]

2. **Calculate the weekly salary:**
   \[
   \text{Weekly Salary} = \frac{\text{Annual Salary}}{52}
   \]
   \[
   \text{Weekly Salary} = \frac{47,000}{52} = 903.85
   \]

3. **Determine the regular hourly rate:**
   \[
   \text{Hourly Rate} = \frac{\text{Weekly Salary}}{\text{Hours per Week}}
   \]
   \[
   \text{Hourly Rate} = \frac{903.85}{40} = 22.60
   \]

4. **Calculate the overtime rate (time and a half):**
   \[
   \text{Overtime Rate} = \text{Hourly Rate} \times 1.5
   \]
   \[
   \text{Overtime Rate} = 22.60 \times 1.5 = 33.90
   \]

Therefore, Cedric's overtime rate at time and a half would be $33.90 per hour.

**Final Answer:**

Overtime = $33.90/hour

Would you like details or have any questions?

Here are 8 related questions:
1. What would Cedric's monthly salary be if his annual salary was increased to $50,000?
2. How many hours would Cedric need to work in a week to earn $1,000 before overtime?
3. Calculate the overtime rate if Cedric's hourly rate was $25/hour.
4. What would Cedric's overtime rate be if his regular hourly rate was calculated based on a 35-hour work week?
5. If Cedric works 10 hours of overtime in a week, how much would he earn in total for that week?
6. How much would Cedric earn annually if his overtime hours were 5 per week and paid at time and a half?
7. Calculate the weekly salary for an annual salary of $60,000.
8. What is the impact on Cedric's overtime rate if the overtime multiplier is changed to double time?

**Tip:** Always ensure you divide annual figures correctly when converting to weekly or monthly amounts, considering the number of weeks or months.

Learn how to calculate Cedric's overtime rate at time and a half based on his annual salary of $47,000, paid monthly. Understand the step-by-step process for determining his hourly rate and applying the overtime multiplier. Get accurate calculations rounded to the nearest cent.

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