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Chapter 6: Problem 10

Justin is a golf pro. He works eight months per year, and is paid \(76,000. During the winter months, he teaches golf privately and earns another \)12,500. What is his average monthly salary based on his yearly earnings?

Short Answer

Expert verified
Justin's average monthly income is $7375.

Step by step solution

01

Compute Total Yearly Earnings

Justin's total annual income is the sum of his earnings from the golf pro job and his winter golf teaching. Using an addition operation, the calculation would be: \[76,000 + 12,500 = 88,500\] This yields Justin鈥檚 total annual earnings, which come to $88,500.
02

Determine Average Monthly Salary

Now, we need to find Justin's average monthly salary. We get this by dividing his total annual earnings ($88,500) by the number of months in a year (12). The calculation would be: \[\frac{88,500}{12} = 7375\] So, Justin's average monthly income comes to $7,375.

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Key Concepts

These are the key concepts you need to understand to accurately answer the question.

Average Salary Calculation
When calculating an average salary, we are essentially determining the consistent amount that someone earns each month over a year. The calculation is straightforward. To find this average, you sum up all income sources within a year and then divide this by 12, representing each month in that year. In essence, this approach captures all variations in income over the year and evenly distributes the total, offering a standard figure for monthly earnings.
  • Add up all sources of income for the year
  • Divide the total by 12
This method provides a clear representation of financial consistency, despite changes in income across months.
Annual Income
Annual income refers to the total earnings an individual receives over a course of a year. This can include regular wages, bonuses, side earnings, and any additional income from secondary activities. For Justin, his annual income comprises two parts: a fixed salary from being a golf pro and earnings from teaching golf privately during the winter. Knowing one's annual income is crucial as it provides a comprehensive view of financial stability and aids in better financial planning.
  • Fixed salary sources
  • Variable or additional income sources
  • Total representation for financial assessments
Understanding annual income allows individuals to plan for expenses, savings, and investments more accurately.
Monthly Salary
A monthly salary is a consistent income received each month. Even if someone works part of the year or has varying income periods, computing a monthly salary as an average can simplify financial management. Using an average monthly salary approach also allows individuals to allocate their budget efficiently, ensuring regular bills and expenses are manageable. In Justin's case, the monthly salary refers to the average of all his earnings divided evenly by 12 months. This is helpful for understanding cyclic income fluctuations and can assist in managing finances during off-peak earning seasons.
Financial Problem Solving
Financial problem solving is a valuable skill that involves analyzing financial situations and developing strategies to address them. Whether it's budgeting, forecasting, or calculating averages, these techniques are crucial for effective money management. Applying these skills ensures that individuals like Justin can balance their earnings, plan for the future, and make informed financial decisions. Financial problem solving generally consists of:
  • Identifying all sources of income and expenses
  • Applying mathematical operations to derive useful insights
  • Using insights for precise budget or strategic planning
Incorporating these skills can lead to enhanced financial literacy and better personal finance health.

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Most popular questions from this chapter

An online job seeking service allows job seekers to post their resumes for free. The service charges employers looking for applicants a fee to look through the resumes. The fee is based on how long the employer wants access to the resumes, and how many miles from the workplace address the employer wants to consider. The fees are \(\$ 585\) for a \(100-\) mile radius for 3 weeks and \(\$ 675\) for a 150 -mile radius for 3 weeks. a. If there are 98 resumes within a 100-mile radius, what is the average cost to the nearest cent to the employer for looking at each resume? b. If there are 208 resumes within a 150-mile radius, what is the average cost to the employer for looking at each resume? c. Under the 150-mile radius option, an employer would see the same 98 resumes from part a that he would have seen under the 100-mile radius option. What is the average cost to the employer for looking at the extra resumes he would see if he opted for the more expensive plan? Explain. d. Give an advantage and a disadvantage of opting for the more expensive plan.

Sean is paid biweekly. His annual salary is \(\$ 42,500 .\) What is his biweekly salary to the nearest cent?

Eddie is a plant manager at North Salem Construction Company. He has been employed there for 20 years and will be retiring at the end of this year. His pension is calculated on the average of his last four years鈥� salaries. In those years, he earned \(82,000, \)96,000, \(105,000, and \)109,000. His employer will give him 1.2% of that average for each year he worked. Calculate Eddie鈥檚 pension.

Hector works in a gas station and earns $8.60 per hour. Last week he worked 29 hours. What was his gross pay?

When George started his current job, his employer told him that at the end of the fi rst year, he would receive two vacation days. After each year worked, his number of vacation days would double up to fi ve work weeks of paid vacation. a. Let x represent the work year and y represent the number of paid vacation days. Write an equation that models the relationship between these two variables. b. How many vacation days will he have earned after four years? c. In what year will he have maxed out his vacation days?
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