red and white kop!
Junior Member
- Joined
- Jun 15, 2009
- Messages
- 231
i though this would be pretty straightforward
an employee starts work on an annual salary of $30 000. His pay scale will give him an increase of $800 per annum on 1 January until 1 January 2015 inclusive. He remains on this salary until he retires on 31 December 2040. How much will he earn during his working life?
ok so the sum of the first 15 years is 0.5n(2a+d(n-1)) = 7.5 (60000 + 800 x 14) = 534 000
his final salary l = a+d(n-1) = 41 200
he will earn this every year for 25 years.
so he will earn on total 534 000 + (41 200 x 25)
=1 564 000
this is wrong
the real answer is $1 626 000
how do i get to that? where is the mistake in my calculations?
an employee starts work on an annual salary of $30 000. His pay scale will give him an increase of $800 per annum on 1 January until 1 January 2015 inclusive. He remains on this salary until he retires on 31 December 2040. How much will he earn during his working life?
ok so the sum of the first 15 years is 0.5n(2a+d(n-1)) = 7.5 (60000 + 800 x 14) = 534 000
his final salary l = a+d(n-1) = 41 200
he will earn this every year for 25 years.
so he will earn on total 534 000 + (41 200 x 25)
=1 564 000
this is wrong
the real answer is $1 626 000
how do i get to that? where is the mistake in my calculations?