Multiple Choice
If your monthly net income is \$1,250, what should be your maximum amount spent on credit payments according to the 20% rule?
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1. Introduction to Accounting
Useful Information
Multiple Choice
Cynthia's semimonthly salary is \$1,371.50. What is her annual salary?
A
\$32,916.00
B
\$32,916.00
C
\$35,659.00
D
\$32,916.50
Verified step by step guidance1
Step 1: Understand the problem. Cynthia's semimonthly salary is given as \$1,371.50, and we need to calculate her annual salary. Semimonthly means she is paid twice a month, resulting in 24 pay periods in a year.
Step 2: Identify the formula to calculate the annual salary. The formula is: Annual Salary = Semimonthly Salary × Number of Pay Periods in a Year.
Step 3: Substitute the given values into the formula. Semimonthly Salary = \$1,371.50 and Number of Pay Periods in a Year = 24.
Step 4: Perform the multiplication to find the annual salary. Multiply \$1,371.50 by 24 to determine the total annual salary.
Step 5: Verify the calculation and compare the result with the provided answer choices to ensure accuracy.
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