Insurance company mathematics

 


In this post, i will teach you how to calculate your annual payment also with the percentage added.As a worker, you receive monthly salary from your working place.The company may decided to offer you a percentage as an old worker.


 So if you are salary earner, this guide will help you a lot. i will also  teach you how to calculate your annual percentages and the payment as whole.




Mr Frank receives â‚¦360000 annually ( yearly).His annual gain is increased by 10%.

(i)  Calculate his new annual income

(ii) Find his new monthly income



Now, we will calculates the new annual income( new yearly payment) and the new monthly salary since 10% is added.




Solution


          10                     â‚¦360000
 =  -----------  x      --------------
          100                       1


         10 x  â‚¦3600
  =  -----------------%
                  1

   =  36000 + 360000

  =  â‚¦396000 new yearly salary ( not 360000 again )

 




                     33000
(ii)              3960000
           =  ---------------
                       12
                       1
                   


  =    â‚¦33000 new monthly income



 New monthly salary is now    â‚¦33000.Do not forget, 12 months make a year, annual will be divided by 12 months, that means each month, the worker will receive  ₦33000 every months

Now let me break it down:


      =₦33000 - â‚¦30000
      
      = â‚¦3000 difference 


 old salary =  â‚¦30000

 new salary =  â‚¦33000


That is how to calculate  annual/monthly salary when any % is added.





We will look at another insurance guide based on selling price and increment  of a product/ commodity.

The selling price of a products increased from  â‚¦500000 to  â‚¦850000. Find

(a) the difference in the initial mark price and the new price.

(b) the percentage increase




Solution


(a)   = â‚¦850000 -  â‚¦500000

       =  â‚¦350 000 (difference)



(b)             increase                      100
          ------------------- x      ---------
              initial value                    1


                 70
            â‚¦350 000                  100
  =     ------------------  x   -------
             â‚¦5000 00                   1
                 1


                70
     =    ----------
                 1

     =     70%  percentage increase




     70% is what the company added that increased the commodity price from :

   â‚¦500000  to â‚¦850000.

If you are a business personal, make sure you study this guides.


If you have any questions, please put them in the comments box.


Post a Comment

0 Comments