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MTH302 Assignment No. 1 Spring 2012

MTH302 Assignment No. 1 Spring 2012, MTH302

Question No. 1:

If the salary and allowances of an employee are as follows:

Basic Salary
House Rent Allowance
Conveyance Allowance
Utilities Allowance
Group Insurance/Medical
Misc. Social Charges

There are Casual, Earned (not availed) and no Sick leaves per year where as normal working days per month are . Calculate the Gross Remuneration of the Employee.

Question No. 2:

Calculate the discount factor and discounted value when discount rate is 5%, number of periods is 20 and amount of annuity is Rs.20000.

SOLUTION:

Question No. 1

Basic Salary = 16,000
House Rent Allowance = 16,000 x .45 = 7200
Conveyance Allowance = 16,000 x .10 = 1600
Utilities Allowance = 16,000 x .10 = 1600
Total Allowances = 7200+1600+1600= 10,400
Misc. Social Charges = 26,400 x .065 = 1716

Provident Fund = 16,000 x 1/11 = 1455
Gratuity Fund = 16,000 x 1/11 = 1455

Casual Leave = (26,400 x 12) x {(12/(22×12)} = 14,400/12 = 1200
Earned Leave = (26,400 x 12) x {24/(22×12)} = 28,800/12 = 2400
Gross Remuneration/Salary:
16,000+10,400+1716+1455+1455+1200+2400 = 34,626.00

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Question No. 2

Discount Factor = (1-1/(1+i)^n)/i
Discount Factor = (1-1/(1+.05)^20)/.05
Discount Factor = 12.4622

Discounted Value = 20,000 x 12.4622 = 249,244

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  • Kamran Jamshed

    But question number 1 main remuneration ka pocha ha means poray year ki salary gross main plz clear this.
    or second q ka answer palay nai para make it easy kis lecture main ha iska answer?

  • Nchaudary13

    Jb gross salary 27440 hy to 12 leaves 14967 ki kesy ho skti hain?

  • Turrab195

    Q1 is totally wrong

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