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 2-9 John Escobar is paid an hourly rate of $18.50 per hour, and he worked 49 hours this week. His gross pay is: 40hours$18.509hours$27.75($18.501.5)Totalgrosspay=$740.00regularearnings=249.75overtimeearnings=$989.75 workweek. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Required: a. For each employee, compute the regular earnings, overtime rate, overtime earnings, and total gross earnings. b. Compute the total gross earnings for all employees. Round your answers to the nearest cent