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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 ($1,82712)/52=$421.615 rounded to $421.62 Hourly rate $421.62/40=$10.540 rounded to $10.54 O.T. rate $10.541.5=$15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Example 2-10 John Escobar's is paid an hourly rate of $18.50 per hour, and he worked 49 hours this week. His pay would be calculated as follows: 49hours$18.50=$906.50 9hours$9.25($18.500.5)Totalgrosspay=83.25overtimepremiumpay=$989.75 Seph Cavato is paid $12.96 per hour. During the past week, he worked 46 hours, and he is a covered emplovee who must be paid for Weeky rate ($1,82712)/52=$421.615 rounded to $421.62 Hourly rate $421.62/40=$10.540 rounded to $10.54 O.T. rate $10.541.5=$15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Example 2-10 John Escobar's is paid an hourly rate of $18.50 per hour, and he worked 49 hours this week. His pay would be calculated as follows: 49hours$18.50$906.50 9 hours $9.25($18.500.5)=83.25 overtime premium pay Totalgrosspay=$989.75 pseph Cavato is paid $12.96 per hour. During the past week, he worked 46 hours, and he is a covered employee who must be paid for bvertime. Falculate his gross pay using the overtime premium approach. Round your overtime rate to two decimal places and use the founded amount in subsequent computations. Round your final answers to the nearest cent