Give the step-by-step reasoning process and then the final answer. A company has 500 employees, each paid $12 per hour, working 10 hours a day, five days a week, 4 weeks a month. In August, the amount of work increased, and the company hired 200 more people. How much money does the company pay in total per month after the new hires?
The total pay per employee in a day is 12 * 10 = $120. An employee works for 5 * 4 = 20 days in a month. The total amount of money paid to each employee monthly is 20 * 120 = $2400. When the number of employees increased to 500 + 200 = 700 after the new hires in August. The company pays a total of 700 * 2400 = $1680000 per month to its employees.
The final answer: 1680000.