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Last year, Frank had a total income of $58,800. He sold a house and made a profit of $27,940. He also had a monthly income of $80 from investments.

Assuming Frank works 25 hours per week and 52 weeks per year as an hourly employee, how much more per hour would Frank have needed to earn last year in order to have a total income of $59,970?

Answer :

Final answer:

Frank needed to earn around an additional $0.90 per hour in order to achieve a total income of $59,970 in the past year.

Explanation:

To determine how much more an hour Frank would need to have earned last year for his total income to reach $59,970, we first need to calculate his total earnings from his salary. We know that Frank's total income last year was $58,800. This includes his salary, the profit from selling a house ($27,940), and his investment income - which is $80 each month for a total of 12 months ($960).

So, Frank's earnings from his salary = Total income - House sale profit - investment income = $58,800 - $27,940 - $960 = $29,900.

Next, we calculate Frank's hourly rate. Assuming he works 25 hours per week and 52 weeks per year, his total hours = 25 hours/week * 52 weeks/year = 1300 hours/year.

Therefore, his current hourly rate = Total Salary/hours worked = $29,900/1300 hours = $23.

Now, let's find out the target total income (meaning his salary + house sale profit + investment income). Target Total Income = $59,970. Salary needed to achieve this target = Target total income - house sale profit - investment income = $59,970-$27,940-$960 = $31,070.

Finally, to find the increased hourly rate needed, we divide the target salary by the hours worked in a year. Thus, required hourly rate = target salary / total hours = $31,070 / 1300 = approximately $23.90.

Therefore, Frank needed to earn approximately $0.90 more per hour last year to achieve a total income of $59,970.

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Rewritten by : Barada

Income from home sales+income from investment=29030

Working hour for I week is 25

For 54weeks=

54*25=1350hours

To know the hours to earn 59970 per year=59970/13503