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Ne4ueva [31]
2 years ago
12

Barbara Smith is an employee of Allied Manufacturing Company. She has an 8-hr workday and each day is paid $0.60 for each unit p

roduced or the hourly rate, whichever is greater. Her hourly rate is $7.15 per hour. Last week she produced 90 units on Monday, 114 units on Tuesday, 82 units on Wednesday, 112 units on Thursday, and 98 units on Friday. What were her gross earnings for the week
Business
1 answer:
MariettaO [177]2 years ago
8 0

Answer:

$309

Explanation:

The computation of the gross earning for the week is as follows:

Given that

Payment of $7.15 × 8 = $57.2  or payment of  each unit produced whichever is greater

On monday

= 90 units × $0.60

=  $54

But the greater is $57.2

On tuesday

= 114 units × $0.60

=  $68.4

On Wednesday

= 82 units × $0.60

= $49.20

But the greater is $57.2

On thursday

= 112 units × $0.60

= $67.20

On friday

= 98 units × $0.60

= $58.80

Now the earnings for the last week is

= $57.20 + $68.4 + $57.20 + $67.20 + $58.80

= $308.80

= $309

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Answer:

1. $636

2. $674.16

3. $566.04

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Explanation:

PV = FV ÷ (1 + r/n)^(t × n)........(1)

PV = present value

FV = Future value

r = rate per period

t = number of years

n = number of compounded period per year

FV = P(1 + r/n)^(t×n)...............(2)

FV = Future value

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r = 6% = 0.06

Using equation 2

FV = 600(1 + 0.06/1)^(1 × 1) = $636

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Using equation 2

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FV = $600

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Using equation 1

PV = 600 ÷ (1 + 0.06/1)^(2 × 1) = $534

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