Unless instructed otherwise, compute hourly rate 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, drop the third decimal place.

Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.

Kevin Kurtz is a newly hired exempt employee who earns an annual salary of $67,600. Since he started work on Thursday (five-day week ends on Friday), his pay for the first week would be $____.