Example 2-14 Al Carmen earns $5,200 per month and works a standard 40-hour week. During one week, Carmen earned 6 hours of overtime Step 1 Convert the monthly salary rate to a weekly rate by first annualizing the monthly salary Then divide the annual salary by 52 weeks $5,200 monthly salary 12 months $62,400 annual salary $62,400 annual salary 52 weeks $1,200 weekly salary Step 2 Divide the weekly rate by the standard number of hours in the workweek. $1,200 weekly salary 40 hours $30.00 hourly rate Step 3 Compute the overtime rate by multiplying the hourty rate by 1.5. $30.00 hourly rate x 1.5 $45.00 overtime rate Step 4 Compute the gross pay for the week by adding the overtime earnings to the regular weekly earnings. Regular weekly earnings Overtime earnings (6 x $45.00) Gross pay $1,200.00 270.00 $1,470.00 Carl La Duca earns $3,875 each month and works 40 hours each week. Compute the following amounts. Round all divisions to two decimal places and use the rounded amounts in subsequent computations. Round your final answers to the nearest cent. a. The hourly rate b. The overtime rate at time and one-half Check My Work All work saved