Answer:
Annual Salary = $60,000
Bi-Weekly Salary = $2307.69
Step-by-step explanation:
SemiMonthly means twice a month.
So Fred gets semimonthly 2500, so in a month he gets 2 * 2500 = $5000
His annual salary (12 months) would be 5000 * 12 = $60,000
Annual Salary = $60,000
For salary calculations, we know there are 52 weeks in a year. Since he will be paid bi-weekly, that means he will be paid every 2 weeks. Hence, he will be paid 52/2 = 26 times a year.
Now we need to divide 60,000 by 26 to figure out his bi-weekly salary.
60,000/26 = $2307.69
