In an effort to keep low-wage workers' salaries commensurate
with the cost of living, a number of states have amended their
constitutions to allow the minimum wage to be adjusted with
inflation.
You are the accountant for a company that owns a chain of 18
fast food restaurants in a state which adjusts the minimum wage for
inflation. Each restaurant employs 25 workers, each averaging 20
hours per week at the current federal minimum wage, $7.25 per
hour.
9,000 hours at min. wage are paid out each week by the
company
At the current rate of $7.25 per hour, the amount (in $)
of the weekly "minimum wage" portion of the restaurant's payroll is
65,250
If the inflation rate this year is 0.9%, the "adjusted"
minimum wage rate (in $ per hour) to be paid next year is $7.32 per
hour
Question: How much in "additional wages" will the
company have to pay out next year at the adjusted rate (in $)?
(Round your answer to the nearest dollar.)