Math Central - mathcentral.uregina.ca
Quandaries & Queries
Q & Q
. .
topic card  



list of
. .
start over

7 items are filed under this topic.
Monthly Pension 2018-05-28
From Kenneth:


I have a question regarding how the units cancel in the following:

A company uses the following calculation to determine the monthly payment for its employees as they retire:

1.1% * average 5 years highest salary * years of service

If an employee worked 33 years and his average 5 year salary is $30,705.17, what is his monthly payment?

I used the following to determine his monthly payment, but I am not sure how the units cancel especially the years.

1.1% * $30,705.17 * 33 years divided by 12 months/year

I determined his payment as $928.83 per month, but the year units do not cancel unless the 1.1% is per year.

Is the correct calculation 1.1%/year * $30,705.17 * 33 years divided by 12 months/year so that the units cancel properly?

The $\$30,705.17$ is an average for 5 years of working. It is not $30,705.17 per year.

I thank you for your assistance.

Answered by Penny Nom.
An investment for 20 months 2015-01-12
From rose:
Darnell wants to have 2700$ to purchase a tv in 20 months. what will he need to deposit today if he earns 5% annual interest compounded monthly
Answered by Penny Nom.
Questions of the Month 2007-11-01
From Judith:
Where would I find comprehensive questions, that cover the majority of skills in a unit such as number sense, to use as "Questions of the Month"?
Answered by Victoria West.
Select a month at random 2006-02-24
From Josh:
Find the probability that the name of a month of the year,chosen at random, begins with a consonant.
Answered by Penny Nom.
Monthly rent 2002-09-04
From Al:
How do you figure monthly rent if the charge is 11.00 per sq. ft. and there are 1,000 sq. feet?
Answered by Leeanne Boehm.
Monthly payments 2001-06-12
From Anthony:
This question is base on my interest. I would like to know the formula for calculating this example: If you borrow $10,000 from a bank with an APR of 11.7% to be paid off in 5 years, what is your monthly payment?
Answered by Penny Nom.
Prime dates 1999-03-25
From Jessica Brown:
I'm asking how do you figure out all the prime numbers in a year and, whats the average amount of prime numbers per week.
Answered by Jack LeSage and Penny Nom.



Math Central is supported by the University of Regina and The Pacific Institute for the Mathematical Sciences.



Home Resource Room Home Resource Room Quandaries and Queries Mathematics with a Human Face About Math Central Problem of the Month Math Beyond School Outreach Activities Teacher's Bulletin Board Canadian Mathematical Society University of Regina PIMS