Mr. Mensah starts a job with an annual salary of $240,every year. After working for eight years, Mr Mensah is promoted to a new post with an annual salary of $9500 which increases by $360 every year,calculate (a) Mr Mensah's salary in the fifteenth year of service. (B) Mr Mensah's total earnings at the end of the fifteenth year of service.
salary:
1st 8 years: 240
years >= 9: Tn = 9500+360(n-8)
Total after
8 years: 8*240 = 1920
n years: (n > 8)
Sn = (n-8)/2 (2*9500 + (n-9)*360)
So, plug in your numbers for n
Mr. Mensah starts a job with an annual salary of $240,every year. After working for eight years, Mr Mensah is promoted to a new post with an annual salary of $9500 which increases by $360 every year,calculate (a) Mr Mensah's salary in the fifteenth year of service. (B) Mr Mensah's total earnings at the end of the fifteenth year of service.
To calculate Mr. Mensah's salary in the fifteenth year of service, we need to determine how his salary increases each year.
For the first eight years, Mr. Mensah receives an annual salary of $240.
Starting from the ninth year, his annual salary is $9500, and it increases by $360 each subsequent year.
To calculate the salary in the fifteenth year, we can use the formula:
Salary in the nth year = Initial salary + (Number of years since initial salary change * Increment per year)
(a) Mr. Mensah's salary in the fifteenth year:
Initial salary (from year 9) = $9500
Increment per year = $360
Number of years since initial salary change = 15 - 8 = 7
Salary in the fifteenth year = $9500 + (7 * $360) = $9500 + $2520 = $12,020
So, Mr. Mensah's salary in the fifteenth year of service is $12,020.
To calculate Mr. Mensah's total earnings at the end of the fifteenth year of service, we need to sum up his earnings for each year.
Total earnings = Earnings from initial salary (first eight years) + Earnings from final salary (ninth to fifteenth year)
Earnings from initial salary = Initial salary * Number of years
= $240 * 8 = $1920
Earnings from final salary = (Initial salary + Salary increment per year) * Number of years since initial salary change
= ($9500 + $360) * (15 - 8) = $9860 * 7 = $69,020
Total earnings = $1920 + $69,020 = $70,940
So, Mr. Mensah's total earnings at the end of the fifteenth year of service is $70,940.