In mike's state, the weekly unemployment compensation is 45% of the 26 weekly for the two highest salaried quarters. A quarter i
s three consecutive months. For july,august, and september, mike earned a total of $22,500. In october, november, and december, he earned a total of $22,900. Determine Mike's weekly unemployment compensation .
Assuming that Mike earned the highest compensation between July and December (third and fourth quarters), his total compensation for the six month period = $22,500 + $22,900 = $45,400
his average weekly salary = $45,400 / 26 weeks = $1,746.15
Mike's unemployment compensation = $1,746.15 x 45% = $785.77
Step 1: Find the simple interest on the principal amount using the formula SI = PRT/100 where Principal (P) = $500, Rate of Interest (R) = 6% and Time(T) = 15 years
⇒ SI = 500 × 6 × 15/100 = $450
Step 2: Find total amount using the formula Amount = P + SI
