Question

Fay is paid semimonthly. The net amount of each paycheck is $670.50.What is her net annual income?a. $17,433b. $4,023c. $16,092d. $8,046

Answer 1

c. $16,092

Explanation:

• Fay is paid semimonthly, that is, ,twice a month,.

,

• There are ,12 months in a year,.

Thus, the number of paychecks she receives annually is: 2 x 12 = 24.

The net amount of each paycheck is $670.50.

In order to get her net annual income, multiply the net amount on each paycheck by the number of payments.

`\text{Net Annual Income}=24*670.50=\$16,092`

Fay's net annual income is $16,092.

Option C is correct.