BUSINESS MATHEMATICS & STATISTICS LECTURE 3

Evaluations Calculate Gross Earnings Using Microsoft Excel

Evaluation In order to successfully complete this course, the student is required to meet the evaluation criteria

Evaluation Criterion 1 Full participation is expected for this course

Evaluation Criterion 2 All assignments must be completed by the closing date

Evaluation Criterion 3 Overall grade will be based on VU existing Grading Rules

Evaluation Criterion 4 All requirements must be met in order to pass the course

Grading There will be a term exam and one final exam; there will also be 4 assignments The final exam will be comprehensive

Grading These will contribute the following percentages to the final grade: Mid Term Exam 35% Final 50% 4 Assignments 15%

Collaboration Discus Prepare own solutions Make original submissions

ETHICS No copying No cheating No short cuts

Methodology There will be 45 lectures each of 50 minutes duration The lectures will be delivered in a mixture of Urdu and English

Methodology Heavily supported by slide presentations The slides available on the VU website before the actual lecture is televised Students to carry out preparatory reading before the lecture

Methodology Own page on the VU’s web site Lecture and other supporting material Link to a web-based discussion and bulletin board

Methodology Teaching assistants will be assigned by VU to provide various forms of assistance such as grading, answering questions posted by students and preparation of slides

Text and Reference Material Material from different sources Topics for reading on course web site and in professor’s handouts On the course web site A list of reference books to be posted and updated on course web site

PROBLEMS If you have any problems with understanding of the course Contact

Salary Basic Salary + Allowances + Gratuity + Provident Fund + Social Charges

Allowances House Rent 45 % Conveyance 2.5 % Utilities 2.5 %

Gratuity 1/11 th of Basic Salary About 9.09 % of Basic

Provident Fund 1/11 th of Basic Salary About 9.99 % of Basic

Social Charges Casual Leave 18 Days Sick Leave 12 Days Medical/Group Insurance 5% Total about 29% of Gross Salary

Summary Basic salary 100 % Allowances 50 % Gratuity 9.99 % Provident Fund 9.99 % Social Charges 29 %

EXAMPLE 1 Basic Salary= 6,000 Rs Calculate Remuneration Including Allowances, Gratuity, Provident Fund and Social Charges

Decimal Fraction ½ = /100=0.1 Common Fraction 10/100=1/10

Percent Fraction X 100 Example 0.1 X 100= 10%

Converting % into Fraction 20%= 20/100= 0.2

Rate Percent or Fraction Earnings 20% or 20/100=0.2

Percentage Percent of the Base Example 20% of 120 In 20% of is Base 20% is Rate

Percentage= Base x Rate 20% x /100 x 120 Or 0.2 X 120 = 24

What Percentage is 6 % of 40 = Rate X Base = 0.06 X 40 = 24

Base= Percentage/Rate Example Rate = 24.0 % Percentage = 96 Base= 96/0.24=400

BUSINESS MATHEMATICS & STATISTICS