Contemporary Business Mathematics with Canadian Applications 12th edition by S A. Hummelbrunner test

balance for the year?
Answer: January 1 - May 31: 40000 × 5 = 200000
June 1 - July 31: 25000 × 2 = 50000
August 1 - October 31: 23000 × 3 = 69000
November 1 - December 31: 31000 ×
2
12
= 62000
Total 381000
Average monthly investment =
381000
12
= $31 750.00
55) Carla is paid a semi- monthly salary of $1870.80. Her regular workweek is 40 hours. Overtime is paid at time
and one- half regular pay.
a) What is Carla's hourly rate of pay?
b) What is Carla's gross pay if she worked 7 1/2 hours overtime in one pay period?
Answer: a) Annual salary = 24 × 1870.80 = 44899.20
Weekly salary = 44899.20 ÷ 52 = 863.45
Hourly rate of pay =
863.45
40
= $21.58625
b) Regular semimonthly pay = 1870.80
Overtime pay = 7.5 × 21.58625 × 1.5 = 242.85
Gross earnings $2113.65
56) Tom is employed at an annual salary of $50 292.48. His regular workweek is 37.5 hours and he is paid
semi- monthly.
a) What is Tom's gross pay per period?
b) What is his hourly rate of pay?
c) What is his gross pay for a period in which he worked 12 1/2 hours overtime at time and one- half regular
pay?
Answer: a) Semimonthly pay = 50292.48 ÷ 24 = 2095.52
b) Weekly pay = 50292.48 ÷ 52 = 967.16308
Hourly rate = 967.16308 ÷ 37.5 = 25.791015
c) Regular earnings = 2095.52
Overtime pay = 12.5 × 25.791015 × 1.5 = 483.58
Gross earnings = $2579.10
57) Last week April worked 44 hours. She is paid $11.20 per hour for a regular workweek of 40 hours and overtime
at time and one- half regular pay.
a) What were April's gross wages for last week?
b) What is the amount of the overtime premium?
Answer: a) Regular earnings = 40 × 11.20  = 448.00
Overtime pay = 4 × 11.20 × 1.5  = 67.20
Gross earnings = $515.20
b) Overtime premium = 4 × 11.20 × 0.5 = $22.40
58) Nick's gross earnings for one week was $698.10. His regular rate of pay is $15.60 for a 35 hour week and
overtime is paid at time and one- half regular pay. Calculate the number of hours that Nick worked.
Answer: Gross earnings = 698.10
Regular earnings = 35 × 15.60 = 546.00
Overtime pay = 698.10 - 546.00 = 152.10
Overtime hours =
152.10
15.60 × 15
= 6.5 hours
Total number of hours worked = 35 + 6.5 = 41.5 hours
59) Mohammad is paid a weekly commission of 2% on net sales of $6000.00, 4% on the next $3 000.00 and 6.25%
on all further sales. His gross sales for a week were 11 160.00 and sales returns and allowances were $120.00.
a) Calculate his gross earnings for the week.
b) Calculate the average hourly rate of pay for the week if he worked 40 hours.
Answer: a) Net sales = Gross sales - Returns = 11 160 - 120 = 11 040
Commission: 2% of 6000 = 120.00
4% of 3000 = 120.00
6.25% of (11 040 - 9000) = 127.50
Gross earnings = 120.00 + 120.00 + 127.50 = $367.50
b) Average hourly rate = 367.50 ÷ 40 = $9.19
60) September is paid on a weekly commission basis. She is paid a base salary of $370.00 on a weekly quota of
$9500.00 and a commission of 5.75% on any sales in excess of the quota.
a) If September's sales for last week were $11 340.00, what were her gross earnings?
b) What are September's average hourly earnings if she worked 35 hours?
Answer: a) Base salary on quota of $9500 = 370.00
Commission = 5.75% on 1840 = 105.80
Gross earnings = $475.80
b) Hourly rate = 475.80 ÷ 35 = $13.59
61) Bill earned a gross commission of $2551.05 during August. What were his gross sales if his rate of commission is
14.5% of net sales and sales returns and allowances for the month were 6% of his sales?
Answer: Net sales = 2551.05 ÷ 0.145 = 17593.448
Net sales = Gross sales - returns
17593.448 = Gross sales - 6% of Gross sales
17593.448 = 94% of Gross sales
Gross sales =
17593.48
.94
= $18 716.43
62) Yanping receives a monthly salary of $1931.54 paid semi- monthly. The regular workweek is 38 hours.
a) Calculate the hourly rate of pay.
b) If the gross earnings for one pay period is 1270.75, for how many hours of overtime was Yanping paid at
double-time regular pay.
Answer: a) Annual gross earnings = 1931.54 × 12 = 23 178.48
Weekly gross earnings =
23178.48
52
= 445.74
Hourly rate of pay =
445.74
38
= $11.73
b) Regular semi-monthly gross earnings =
1931.54
2
= 965.77
Overtime pay = 1270.75 - 965.77 = 304.98
Overtime rate = 11.73 × 2 = 23.46
Overtime hours =
304.98
23.46
= 13 hours
63) Norm Bates is paid a semi- monthly salary of $792.50. Regular hours are 37 1/2 per week and overtime is paid at