Book Show Me How Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 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 Escobar 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 Provious 4:54 PM