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 12)/52 = $421.615 rounded to $421.62 Hourly rate $421.62/40 = $10.540 rounded to $10.54 O.T. rate $10.54 1.5 = $15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Example 2-27 Els Company instituted a perfect attendance program. The bonus ($2,184) is paid in January for the previous year. John Garcia worked 42 hours each week during the year and earned the bonus. The extra overtime pay due Garcia is: $2,184 52 = $42/week $42 42 hours = $1.00 bonus for each hour $1.00 0.5 = $0.50 extra overtime rate $0.50 2 overtime hours/week 52 weeks = $52 extra earnings Casey Collins' average workweek during the first quarter of the year (13 weeks) was 41 hours. As part of his company's perfect attendance program, he earned a bonus of $962. Determine the extra overtime pay due Collins for the first quarter. Note: For each calculation, round to 2 decimal places before continuing to next computation. At next step, round to 2 decimal places. And then, round your final answer to the nearest cent. Extra overtime pay $_____________