To answer this question, we have:
1. Mr. Smith has an annual salary of $56,728.
2. A semi-monthly salary is a salary that is paid twice a month.
3. We have 12 months in a year, so the semi-monthly salary is paid 12 * 2 = 24 times a year.
To find the semi-monthly salary, we need to divide Mr. Smith's annual salary by 24.
Therefore, we have:
[tex]SM=\frac{56728}{24}\Rightarrow SM=2,363.6666667[/tex]If we round this number to the nearest cent (nearest hundredth), we have, that the semi-monthly salary of Mr. Smith is $2,363.67.
We can check this result if we multiply this result by 24, we will obtain, approximately, the annual salary given in the question, that is, $2,363.67 * 24 is approximately $56,728.08 (this is because we rounded the result).
