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 onerhalf 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 ($1,827 x 12)/52 = 3421.515 rounded to $421.62 Hourly rate \"21.62/40 = $10540 rounded to $10.54 O.T. rate $10.54 X 1.5 = $15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Example 29 John Escobar is paid an hourly rate of $18.50 per hour, and he worked 49 hours thls week. His gross pay is: 40 hours x $18.50 = $740.00 regular earnings 9 hours x $27.75 ($18.50 x 1.5) = 249.75 overtime earnings Total gross pay : $989.75 John Porter is an hourly employee of Motter Company located in New York City. This week, Porter had to travel to the company's regional office in Albany, He left Sunday at noon and arrived in Albany at 3:00 PM. During the week, he worked his normal 40 hours in the Albany ofce (Monday through Friday79 A.M. to 5 PM.) In addltlon, he attended the company's mandatory 4rhour work tralning sesslon on Wednesday evenlng. Porter's hourly rate of pay IS $24.80 per hour. Round the overtime rate to two decimal places and use the rounded amount in subsequent computations. Round the nal answers to the nearest cent. a. Porter's overtime earnings for the week are $ X a. Porter's total earnlngs for the week are Ex