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Note: In this chapter and in all succeeding work throughout the course, un/ess instructed otherwise, calculate hourfy 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 hourfy 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 ($1,82712)/52=$421.615 rounded to $421.62 Hourly rate $421.62/40=$10.540 rounded to $10.54 O.T. rate $10.541.5=$15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Example 2-25 Kate kine recelves an annual $35,000 base salary for working a certain territory. A sales quota of $800,000 has been set for that territory for the current year. Kaine will recelve a 6 percent commission on all sales in excess of $800,000. For the current vear, the sales in the territory are $1,030,000, The bonus paid liline would be: $13,800(6% of $230,000) Wline's total earnings for the year would be: $48,800($35,000+$13,800) Wendy Epstein, a sales representative, earns an annual salary of $29,500 and receives a commission on that portion of her annual sales. that exceeds $150,000. The commission is 8.5% on all sales up to $50,000 above the quota. Beyond that amount, she receives a. formission of 10%. Her total sales for the past year were $295,000. Compute the following amounts