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Question

rons job pays 45,300 in annual wages and 31% of annual wages in benefits. His job expences are estimated to be 3,300 a year. Ron interveiwrd for another job that pays $47,000 in yearly wages. Average benefits of 29.5%, and estimated yearly job expences of $3,750. Which job offers ron the greater job benefits and how much greater?

Answer 1

 

So, total benefit is calculated in the manner below:

Annual Earnings = (Annual Wages)(1 + Benefit Percent/100%) - Annual Expenses

 

So for Job 1:

Annual Earnings, Job 1 = ($45,300)(1 + 31%/100%) - $3,300
= $59,343 - $3,300 = $56,043

So for Job 2:

Annual Earnings, Job 1 = ($47,000)(1 + 29.5%/100%) - $3,750
= $60,865 - $3,750 = $57,115

Job 2 has greater annual earnings, the difference being $1,072.

Answer 2

The 1st job benefits are: $45,300 * 0.31 = $14,043

The 2nd job benefits are: 47,000 * 0.295 = $13,865

 

Therefore, the first job provides better benefits. Subtract the second no. from the first to get the difference.

 

 

Answer 3

Spellcheck: EXPENSES

 

1.  calculate 0.31 times 45,300 to get the value of benefits, first job

2.  calculate 0.295 times 47,000 to get the value of benefits, 2nd job.

 

Perhaps the judgment ought to be based on maximizing the value of 

ANNUAL WAGES + ANNUAL BENEFITS - ANNUAL JOB EXPENSES.

If so, compute and choose the job which produced the larger above value.