1. BUSINESS MATHEMATICS & STATISTICS LECTURE 3

2. Evaluations Calculate Gross Earnings Using Microsoft Excel

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

4. Evaluation Criterion 1 Full participation is expected for this course

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

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

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

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

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

10. Collaboration Discus Prepare own solutions Make original submissions

11. ETHICS No copying No cheating No short cuts

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

13. 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

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

15. 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

16. 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

17. PROBLEMS If you have any problems with understanding of the course Contact bizmath@vuedupk

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

19. Allowances House Rent 45 % Conveyance 2.5 % Utilities 2.5 %

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

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

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

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

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

25. Decimal Fraction ½ = 0.5 10/100=0.1 Common Fraction 10/100=1/10

26. Percent Fraction X 100 Example 0.1 X 100= 10%

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

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

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

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

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

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

33. BUSINESS MATHEMATICS & STATISTICS