Question

For a family of 4, the estimated monthly cost of living in Fort Worth, Texas is $3,784. If there are 2 full-time working adults in the family, what is the average hourly living wage of each in order to support their basic needs? Round your answer to the nearest hundredth.(1 point) $

Answer 1

Each working adult in the family of four in Fort Worth, Texas, needs to earn an average hourly living wage of $21.85 to cover the estimated monthly cost of living of $3,784.

Step-by-step explanation:

To calculate the average hourly living wage for each adult in the family, first we need to find the total monthly income required to support their basic needs which is given as $3,784. If both adults work full time, we assume each works 40 hours per week. A month usually has about 4.33 weeks on average (52 weeks per year divided by 12 months), so we multiply 40 hours per week by 4.33 weeks per month to find the total hours each adult works per month.

Total work hours per month = 40 hours/week × 4.33 weeks/month = 173.2 hours/month

Now, we divide the total monthly cost by the total hours each adult works per month to find the average hourly wage.

Average hourly wage = $3,784 / 173.2 hours/month = $21.85 per hour

Each adult would need to earn an average of about $21.85 per hour to support a basic standard of living for a family of 4 in Fort Worth, Texas, rounding to the nearest hundredth.

Answer 2

The average hourly living wage for each full-time working adult in a family of 4 living in Fort Worth, Texas, is approximately $10.93, to meet the estimated monthly living costs of $3,784.

Step-by-step explanation:

To calculate the average hourly living wage for each of the 2 full-time working adults in the family, we begin by finding the family's total monthly income requirement. According to the question, the estimated monthly cost of living in Fort Worth, Texas, for a family of 4 is $3,784. We then divide this amount by 2 to find the monthly income requirement per adult:

$3,784 ÷ 2 = $1,892 per month for each adult.

Assuming each adult works full-time at 40 hours per week, we calculate the number of hours worked per month:

40 hours/week × 4.33 weeks/month = 173.2 hours/month

We then divide the monthly income requirement by the number of hours worked per month to find the average hourly wage:

$1,892 ÷ 173.2 hours/month ≈ $10.93 per hour

Therefore, the average hourly living wage for each adult is approximately $10.93, rounded to the nearest hundredth.