Question

Your annual budget to hire a social media team is $620,000. If each member on the team is paid $18/an hour and works a total of 2,040 hours per year, how many members can you hire for the team?

Answer 1

The number of team members you can hire based on your annual budget of $620,000 for the social media team is 16.

What is budgeting?

Budgeting is the process of making a financial estimate of expected revenue and expenditure for a period.

Budgeting ensures that sufficient funds are made available and spending does not exceed the budgeted amount.

Data and Calculations:

Annual budget for media team = $620,000

Member's rate per hour = $18

Total hours worked per year by a member = 2,040

A member's earnings per year = $36,720 ($18 x 2,040)

The number of team members to hire =16.9 ($620,000/$36,720)

Thus, the number of team members to hire for the social media team is 16.

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