Answered

Note: Please make sure to properly format your answers. All dollar figures in the answers need to include the dollar sign and any amount over 1,000 should include the comma ($2,354.67). All
percentage values in the answers need to include a percentage sign (%). For all items without specific rounding instructions, round your answers to two decimal places, show both decimal places (5.06).
In 1980, the amount of earnings required to earn one Social Security credit was $290. Back then, Mike earned $55 per week. How many credits did he earn in 1980?
о



Answer :

GinnyAnswer
To calculate the number of Social Security credits that Mike earned in 1980, we need to follow these steps: Step 1: Calculate Mike's total annual earnings. Mike earned $55 per week. There are 52 weeks in a year. So, his total annual earnings are calculated as follows: Total annual earnings = weekly earnings × number of weeks in the year Total annual earnings = $55 × 52 Total annual earnings = $2,860 Step 2: Calculate the number of credits Mike earned. The amount of earnings required to earn one Social Security credit in 1980 was $290. We can calculate the number of credits Mike earned by dividing his total annual earnings by the amount required to earn one credit. Number of credits = total annual earnings ÷ earnings required per credit Number of credits = $2,860 ÷ $290 Number of credits = 9.862068965517241 Step 3: Round the number of credits to two decimal places. We are instructed to round the number of credits to two decimal places. Number of credits (rounded) = 9.86 Therefore, Mike earned 9.86 Social Security credits in 1980.

Other Questions