The annual income of the employee can be calculated as:
[tex]\text{income}=(\text{price per hour)}\cdot\text{ (hours per week)}\cdot(\text{ weeks per year)}[/tex]To estimate the income, we are going to round the price per hour to $9 per hour and the total weeks to 50 weeks. So, the estimated income is:
[tex]E\text{stimate Income = \$9}\cdot40\cdot50=\text{ \$18,000}[/tex]On the other hand, the actual income is:
[tex]\text{Actual Income= \$ 8.50}\cdot40\cdot52=\text{ \$17,680}[/tex]So, the difference between them is $320
Answer: Estimate: $18,000
Actual: $ 17,680
Difference: $320
