Subjects personal finance

Monthly Pay 2B71Ec

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1. **State the problem:** We need to find the monthly take-home pay if the take-home pay is 984.04 every other Friday. 2. **Understand the problem:** Getting paid every other Friday means you get paid once every 2 weeks. 3. **Formula:** To find monthly pay from biweekly pay, use the formula: $$\text{Monthly Pay} = \text{Biweekly Pay} \times \frac{52}{12}$$ because there are 52 weeks in a year and 12 months. 4. **Calculate:** $$\text{Monthly Pay} = 984.04 \times \frac{52}{12}$$ 5. **Simplify the fraction:** $$\frac{52}{12} = \frac{\cancel{52}}{\cancel{12}} = \frac{13}{3}$$ 6. **Multiply:** $$984.04 \times \frac{13}{3} = \frac{984.04 \times 13}{3} = \frac{12,792.52}{3}$$ 7. **Divide:** $$\frac{12,792.52}{3} = 4,264.1733...$$ 8. **Round to nearest cent:** $$4,264.17$$ **Final answer:** Your monthly take-home pay is $4,264.17.