Ali works in an industrial unit. His basic salary is Rs.20, 000 and allowances are 50% of his basic salary.
His allowed leaves are given below:
· Casual Leave = 18 days per year
· Earned Leave = 18 days per year
· Sick Leave = 12 days per year
(a) What is the cost on account of casual, earned and sick leaves per year if his normal working days per month is 26?
(b) What is the total cost of leaves as percent of gross salary?
(c) What are the leaves cost?
(d) If group insurance/medical is 5% and other social benefits are 5.8%. Then, calculate the total social charges.
Solution:
Basic salary = 20,000
Allowances= 50%
Gross salary = 20,000+5000= 25,000
Q#2:
(a) Calculate the present value of an annuity of amount $1000 paid annually for the education purpose for 5 years at the interest rate of 9%.
(b) Also calculate the future value of the annuity.
Solution:
Formula to Solve it
I = P. R. T / 100
S= P(1+r/100)^5
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