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Alan is an hourly worker who earns $10.50 per hour and is paid overtime for any time over 40 hours per week. During a weekly period, he worked the following hours:

| Day | In | Out | In | Out |
|-----------|------|------|------|------|
| Monday | 7:53 | 12:04 | 13:15 | 17:25 |
| Tuesday | 7:42 | 11:30 | 12:35 | 16:45 |
| Wednesday | 7:48 | 12:35 | 13:28 | 17:25 |
| Thursday | 8:08 | 12:22 | 13:45 | 17:37 |
| Friday | 7:35 | 12:13 | 13:15 | 16:42 |

What is his gross pay for the week using both quarter-hour and hundredth-hour methods?

Answer :

Pay per hour = $10.5 i.e., 10.5/4 = $2.625 per quarter-hour, Total Quarter Hour pay = $225.750 + $ 202.125 = $427.88 and 1 hour = $10.5 Total pay as per Hundredth hour = $227.010 + $205.905 = $432.92.

A payment is the voluntary offer of money or its equivalent or of valuable objects by one party to another in return for products or services given by them, or to satisfy a legal obligation. The person making the payment is known as the payer, and the party receiving the money is known as the payee.

Payees are generally free to choose the form of payment they choose, while most regulations require the payer to accept the country's legal cash up to a certain maximum. Unless the parties agree differently, payment is typically made in the payee's native currency.

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