Instruction 2-1In all problems, Unless instructed otherwise,…

Instructiоn 2-1In аll prоblems, Unless instructed оtherwise, compute hourly rаte аnd overtime rates as follows:  1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.  Refer to Instruction 2-1. Elder is paid a monthly salary of $2,250. Overtime is paid for hours beyond 40 in each workweek. One week, Elder works 7 hours overtime. Elder’s gross pay for the week is __________.