Example 20. The monthly salary of a person was Rs. 320 for each of the firstthree years. He next goi annual increments of Rs. 40 per month for each of thefollowing successive 12 years. His Salary remained stationary till retirement whenhe found that his average monthly salary during the service period was Rs. 698.Find the period of his service.

Answered: Image /qna-images/answer/1ea58bb7-ea26-4b45-b6b7-ebca9866ac4b.jpg

Answered: Example 20. The monthly salary of a…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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You are the accountant for a company that owns a chain of 18 fast food restaurants in a state which adjusts the minimum wage for inflation. Each restaurant employs 45 workers, each averaging 20 hours per week at the current federal minimum wage, $7.25 per hour.(a)How many hours at minimum wage are paid out each week by the company?hr(b)At the current rate of $7.25 per hour, what is the amount (in $) of the weekly "minimum wage" portion of the restaurant's payroll?$ (c)If the inflation rate this year is 0.7%, calculate the "adjusted" minimum wage rate (in $ per hour) to be paid next year. (Round your answer to two decimal places.)$ per hour(d)How much in "additional wages" will the company have to pay out next year at the adjusted rate (in $)? (Round your answer to the nearest dollar.)$ (e)Suggest some ways that the restaurant chain or other small businesses can offset the increase in payroll and subsequent decrease in profit as a result of the minimum wage hike.
Suppose you start saving for retirement when you are 35years old. You invest $5,000the first year and increase this amount by 2%each year to match inflation. How much money will you have saved after 20years if the interest rate earned on the retirement account is 7% per year? a) you will have saved $ ( Round to nearest dollar) b) on the other hand you will have saved $ if the rate of increase of the investment drop was 7% instead of the original 2%

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