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 Weeklyrate($1,82712)/52=$421.615roundedto$421.62Hourlyrate$421.62/40=$10.540roundedto$10.54O.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 2-1 Jim Droghan, a full-time student, works at the Dollar Store. This week he worked 30 hours and earned $185.10. Retail establishments can pay fulltime students less than the minimum wage ( 85 percent). $7.2585%=$6.17/hour$6.1730hours=$185.10 Round your answers to the nearest cent. a. Beck's earnings for the week are b. Is the hourly rate in violation of the FLSA