Great video Jon. If i may add to anyone that was confused by the math at 26:00 here's a few other ways to understand it that may be easier. 40% of ______ = $22 40/100 of _______ = 22 (note that "of" means to multiply and "/" means to divide) so it could also be written as this: 0.4 x _______ = 22 (or you can move the 0.4 which is 40% written as a decimal, to the other side of the "=" which means you swap out the "x" to it's opposite which is "/" or divide) _______ = 22 / 0.4 It just as easily be written as this 22 / 0.4 = hourly rate Just in case anyone found the equation confusing in the video. It should be a very quick and easy equation to pull out and do. Hope this makes it more accessible. - from someone who always struggled with math
Hey Jon! I'm not quite sure if I understand the math behind getting the average hourly wage between the 3 employees. Why would you want to apply the average wage of $23.65 to the final hourly rate? Wouldn't you lose money in the long run if you were charging $62.12/hr (the final hourly rate), but you owed your 3 employees a total of $70.95/hr for their labor? Shouldn't the total hourly rate charged to the customer be $114.68? Thank you! Loved the video btw
Happy to help! I think the key thing here is that the $62.12 applies to each hour worked for each person. That would mean if all 3 employees are working on a project you would charge $62.12/hr for every hour each of them works. The result would be charging 3*$62.12/hr or $186.36/hr. Does that help?
Yes, thank you! I didn't even think about the fact that a job will move faster with more employees working on it. Haha. That makes sense! Thank you again!
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Great video Jon. If i may add to anyone that was confused by the math at 26:00 here's a few other ways to understand it that may be easier.
40% of ______ = $22
40/100 of _______ = 22 (note that "of" means to multiply and "/" means to divide) so it could also be written as this:
0.4 x _______ = 22 (or you can move the 0.4 which is 40% written as a decimal, to the other side of the "=" which means you swap out the "x" to it's opposite which is "/" or divide)
_______ = 22 / 0.4
It just as easily be written as this 22 / 0.4 = hourly rate
Just in case anyone found the equation confusing in the video. It should be a very quick and easy equation to pull out and do. Hope this makes it more accessible.
- from someone who always struggled with math
Thanks for explaining this in another way, Gabe!
Hey Jon! I'm not quite sure if I understand the math behind getting the average hourly wage between the 3 employees. Why would you want to apply the average wage of $23.65 to the final hourly rate? Wouldn't you lose money in the long run if you were charging $62.12/hr (the final hourly rate), but you owed your 3 employees a total of $70.95/hr for their labor? Shouldn't the total hourly rate charged to the customer be $114.68? Thank you! Loved the video btw
Happy to help! I think the key thing here is that the $62.12 applies to each hour worked for each person. That would mean if all 3 employees are working on a project you would charge $62.12/hr for every hour each of them works. The result would be charging 3*$62.12/hr or $186.36/hr. Does that help?
Yes, thank you! I didn't even think about the fact that a job will move faster with more employees working on it. Haha. That makes sense! Thank you again!
$22 per hour per employee working on project?
I'm not sure I understand your question! Can you rephrase?