a certain construction company is obligated to pay 8.46% on earned wages into workers compensation…

a certain construction company is obligated to pay 8.46% on earned wages into workers compensation insurance. what is the workers compensation payment on $20,000 of wages? worker’s comp. payment = $? round to the nearest hundredth.

a certain construction company is obligated to pay 8.46% on earned wages into workers compensation insurance. what is the workers compensation payment on $20,000 of wages? worker’s comp. payment = $? round to the nearest hundredth.

Answer

Explanation:

Step1: Convert percentage to decimal

To convert 8.46% to a decimal, divide by 100. So $8.46%=\frac{8.46}{100}=0.0846$.

Step2: Calculate the payment

Multiply the decimal - form of the percentage by the amount of wages. The amount of wages is $20000$. So the Worker's Compensation payment is $0.0846\times20000$. $0.0846\times20000 = 1692.00$

Answer:

$1692.00$