Find the equivalent earnings.
-Chuck earns $387 a week, but is paid semimonthly. How much is he paid at the end of a pay period?
A)$838.50
B)$774.00
C)$20,124.00
D)$1,677.00

Question

Quizplus · Accepted Answer

To find the equivalent earnings for a semimonthly pay period, we need to multiply Chuck's weekly earnings by the number of weeks in a year (52) and then divide by the number of pay periods in a year (24 for semimonthly).

$387/week x 52 weeks/year ÷ 24 pay periods/year = $838.50/pay period (rounded to the nearest cent)

Therefore, the correct answer is A. Since Chuck is paid semimonthly, he receives 24 paychecks in a year (2 paychecks per month * 12 months). To find his equivalent earnings, we need to multiply his weekly earnings by the number of weeks in a year (52):
$387/week * 52 weeks/year = $20,124/year
To find his pay for each semimonthly period, we divide his annual earnings by the number of pay periods in a year (24):
$20,124/year ÷ 24 pay periods/year = $838.50/pay period
Therefore, Chuck is paid $838.50 at the end of each pay period. Answer choice A is correct.

Find the Equivalent Earnings