Assignment # 1 MTH302 (Spring 2019)

Total Marks: 10
Due Date: 21 -05-2019
Question: 1 Marks: 5

Basic Salary of an employee is Rs. 18,000 and Allowances are Rs. 9000. According to
the company’s policy casual leaves are 12 days per year and earned leaves are 24 days
per year and normal working days are 22 per month.
Find the total cost of leaves as percent of gross salary.

ANS:
The salary of an employee is as follows:
Basic salary = 18,000 Rs.
Allowances = 9,000 Rs.

Gross salary = 18000 + 9000 = 27,000 Rs.

Cost of casual leaves per year = {12 / (22 x 12)} x 27000 x 12 = 14,727.2 Rs
Cost of earned leaves per year = {24 / (22 x 12)} x 27000 x 12= 29,454.5 Rs
Total cost of leaves per year = 14,727.2 + 29,454.5 = 44187.7 Rs.
Total cost of leaves as percent of gross salary = (44187.7/(12 x 27000))x 100 = 13.6%

Question: 2 Marks: 5

If an employee deposits Rs. 2,000 at the end of each year into his company’s plan which
pays 7% interest compounded quarterly, how much will he have in the account at the end
of 5 years?
Interest P A = 7 * 4 = 28%
C=Payment per period or am
i = interest rate
n = number of payments
FV = C ¿(1+i)n

2000 * (1.28)0 =2000 * 1 = 2000

2000 * (1.28)1 =2000 * 1.28 = 2560
2000 * (1.28)2 =2000 * 1.6384 = 3276
2000 * (1.28)3 =2000 * 2.0971 = 4194
2000 * (1.28)4 =2000 * 2.6843 = 5369

2000+2560+3276+4194+5369 = 17,399
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