WARMUP 1 Helen took a job through an

WARMUP 1. Helen took a job through an employment agency. The job pays $425 per week. She must pay a fee to the employment agency. The fee is 18% of her first three weeks’ pay. How much money must Helen pay the agency? 2. Kinkos charges $35 to print the first 200 color pages. Each additional set of 50 copies costs $15. How much would it cost to get 500 copies? Slide 1 Financial Algebra © Cengage Learning/South-Western

6 -2 PAY PERIODS AND HOURLY RATES Learning Targets Compute weekly, semimonthly, and biweekly earnings given annual salary. Compute hourly pay and overtime pay given an hourly rate. Slide 2 Financial Algebra © Cengage/South-Western

Standards MMFA 1. Students will use basic functions to solve and model problems related to employment and taxes Slide 3 Financial Algebra © Cengage Learning/South-Western

Pay Periods l weekly l biweekly l semimonthly What is the difference between semimonthly and biweekly pay periods? l monthly Slide 4 Financial Algebra © Cengage Learning/South-Western

Example 1 Christina is paid biweekly. Her annual salary is $37, 000. What is her biweekly salary, rounded to the nearest cent? Example 2 Manny is paid semimonthly. His semimonthly salary is $1, 239. What is his annual salary? Slide 5 Financial Algebra © Cengage Learning/South-Western

EXAMPLE 3 Maureen works at a local Chicken King restaurant. Her regular hourly wage is $9. 70. If she regularly works 40 hours per week, what is her regular weekly pay? EXAMPLE 4 Roger regularly works 30 hours per week at a rate of $11. 55 per hour. What is his annual salary? Slide 6 Financial Algebra © Cengage Learning/South-Western

EXAMPLE 5 If Maureen from Example 3 works overtime, she receives an hourly rate of 1½ times her regular hourly rate. What is Maureen’s hourly overtime rate? EXAMPLE 6 If Mary Ann earns $9. 75 per hour regularly, what is her hourly overtime rate if she is paid time-and-a-half? Slide 7 Financial Algebra © Cengage Learning/South-Western

EXAMPLE 7 Janice earns $10 per hour. If her regular hours are 40 hours per week, and she receives time-and-a-half overtime, find her total pay for a week in which she works 45 hours. EXAMPLE 8 Ron regularly works 40 hours per week, at a rate of $13. 25 per hour. Last week he worked 52 hours. What was his total weekly pay? Slide 8 Financial Algebra © Cengage Learning/South-Western

CHECK YOUR UNDERSTANDING Using Example #8, express Ron’s pweekly pay as a piecewise function. Slide 9 Financial Algebra © Cengage Learning/South-Western

EXAMPLE 9 Samantha worked her 40 regular hours last week, plus 7 overtime hours at the time-and-a-half rate. Her gross pay was $611. 05. What was her hourly rate? EXAMPLE 10 Jillian worked her 40 regular hours last week, plus 4 overtime hours at the time-and-a-half rate. Her gross pay was $484. What was her hourly rate? Slide 10 Financial Algebra © Cengage Learning/South-Western

EXAMPLE 11 Last week, Saul worked 40 regular hours and 6 hours on a holiday at a double time rate. He earned $700. What is hourly rate? Slide 11 Financial Algebra © Cengage Learning/South-Western