Question

Name: M2623 Lab 3B 1. (3.10.45) Create an Excel spreadsheet to do this problem. Save your file as "Your Name_Lab3" and submit through Blackboard. Remember to save when you have completed the spreadsheet!!!!! In The Boston Globe on June 30, 2010 you could read that [A] maximum deal for (LeBron] James would start at $16.56 million and increase by 8 percent each season over the five-year period. a. Use the 1+ trick to calculate James's salary in the fifth season. You must use equations in your spreadsheet. Do not do the math on paper and type the answers into the cells. b. In the five seasons, James will get four eight percent salary increases. Compare the result of your calculation to a single 4 x 8% = 32% increase. Notes: Your spreadsheet should contain a "starting salary" or "first season" cell where you will input his starting salary for season 1. Use the 1+ trick to calculate each successive raise. Be sure to use cell location (not the value) in each of your equations. You can set up your spreadsheet with columns like this: Season Salary Year Result at 32% increase 2. (3.10.63) Boston city councilors vote for a $20,000-a-year raise. That was the headline in an October 2014 story in The Boston Globe. The article said the new salary would be $107,500. I a. What percent increase in salary does this represent? b. If the federal minimum wage of $7.25 per hour (2014 figure) were increased by the same percentage, how much more per year would someone earn who worked full-time at the minimum wage? Be sure to explain your definition of "full-time".

Answer 1

Question No: 2
(a)	Percentage increase of Salary
	Particulars	Amount
	Salary After Increase	107,500
	Less: Year Raise	20,000
	Salary Before Increase	87,500
	Percent Increase in Salary	Year Raise * 100
	Salary Before Increase
		20000*100 87500
		23%
(b)	Minimum Wage per hour	7.250
	Year Rase %	23%
	Wage After Raise	9
	Increase in Wage	1.75
	Additional Earnings due to raise in Minimum Wages
	(a)Number of Working Days	314
	(b)Normal Working Hours A day	8
	(c) Hourly Rate Increased	1.75
	(d) Additional Earnings {a*b*c}	4,396

The Question is solved based on the assumption that 314 working days in a year and normal working hour in a day is 8 hours