For a week Raymond is paid at the rate of x dollars per hour for the first 40 hours he works and y dollars per hour for the hours worked in excess of 40 hours. What is the value of y?

(1) If Raymond works 46 hours in one week, he will earn $416.50.

(2)   Raymond's hourly rate for the hours worked in excess of 40 hours per week is 1.5 times his hourly rate for the first 40 hours.