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Financial Maths, STD2 EQ-Bank 9 MC

A company calculates holiday pay for employees entitled to four weeks annual leave with 17.5% leave loading on four weeks pay.

A spreadsheet is used to calculate the total holiday pay.
 

Which formula has been used in cell B9?

  1. \(=\text{B4}^*\text{B5}+\text{B4}^*\text{B5}^*\text{B6}\)
  2. \(=\text{B4}^*\text{B5}+\text{B4}^*\text{B5}^*\text{B6}/100\)
  3. \(=\text{B4}^*\text{B5}^*\text{B6}/100\)
  4. \(=\text{B4}+\text{B5}+\text{B6}\)
Show Answers Only

\(B\)

Show Worked Solution

\(\text{Total holiday pay}=\text{weekly wage}\times 4 +\text{weekly wage}\times 4\ \times 17.5\%\)

\(\text{Formula: }\text{weekly wage}\times 4 +\text{weekly wage}\times 4\ \times \dfrac{17.5}{100}\)

\(\text{Using cell references: }=\text{B4}^*\text{B5}+\text{B4}^*\text{B5}^*\text{B6}/100\)

\(\text{Check: }1450\times 4+1450\times 4\times\dfrac{17.5}{100}=5800+1015=6815\)

\(\Rightarrow B\)