Determine the starting monthly salary and the fixed annual increment of an employee in a company whose salary after 4 years of service reached 15,000 and after 10 years of service reached 18,000 dollars per month?

Expert Solution

If x & y are starting salary and fixed annual increment of the employee respectively. Then from question:

x + 4 y = $ 15,000 - Eq. I

and x + 10 y = $ 18,000 - Eq. II

Subtracting Eq. I from Eq. II, we get:

6 y = $ 3,000

⇒ y = $ 500

Substitute value of y = $ 500 in Eq. I:

x + 4 ($ 500) = $ 15,000

x = $ 15,000 - $ 2, 000 = $ 13, 000

So, the starting salary is $ 13, 000 and fixed annual increment is $ 500.

The starting salary of the employee is $ 13, 000 and his fixed annual increment is $ 500.

Shams answered 2 years ago

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Question

Determine the starting monthly salary and the fixed annual increment of an employee in a company whose salary after 4 years of service reached 15,000 and after 10 years of service reached 18,000 dollars per month?

Solutions

Expert Solution

Related Solutions

You borrow $720,000 at 3.25% per year compounded monthly and you plan to pay off this loan in equal annual payments starting one year after the loan is made over a period of fifteen (15) years.

As an employee, $10 per month is deducted from your paycheck for life insurance--as it is for all 500 employees at the company where you work. After you retire, you decide to continue payments on your own. But you now must pay $250 a month (not $10).