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If you work forty hours per week and have two weeks of vacation, then you work 2000 hours each year. $11.50 times 2000 equals $23,000.
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As a side note, as this site is not exclusively American and the question does not specify a currency, I would like to add that in the UK (and a large majority of other countries), you get holiday time paid, so in the case of the UK, where the normal amount of time would be four weeks paid leave, you would actually work 1920 hours a year, and be paid for 2080 hours, which would add up to £23,920
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