a certain retail company is obligated to pay 2.17% on earned wages into workers compensation insurance. what…

a certain retail company is obligated to pay 2.17% on earned wages into workers compensation insurance. what is the workers compensation payment on $40,000 of wages? worker’s comp. payment = $? round to the nearest hundredth.

a certain retail company is obligated to pay 2.17% on earned wages into workers compensation insurance. what is the workers compensation payment on $40,000 of wages? worker’s comp. payment = $? round to the nearest hundredth.

Answer

Explanation:

Step1: Convert percentage to decimal

To use the percentage in a calculation, convert 2.17% to a decimal. We do this by dividing the percentage value by 100. So, $2.17%=\frac{2.17}{100}=0.0217$.

Step2: Calculate the payment

Multiply the decimal - form of the percentage by the total wages. Let $P$ be the worker's compensation payment, $r = 0.0217$ be the rate, and $W = 40000$ be the total wages. Then $P=r\times W$. Substitute the values: $P = 0.0217\times40000$. $0.0217\times40000=(0.0217\times10000)\times4 = 217\times4=868$.

Answer:

$868.00$