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Financial Maths, STD2 EQ-Bank 21

Liam works in a factory assembling electronic components and is paid on a piecework basis. A spreadsheet is used to calculate his weekly earnings.

Weekly earnings = Number of units completed \(\times\) Rate per unit

A spreadsheet showing Liam's earnings for one week is shown.
  

  1. Write down the formula used in cell B8, using appropriate grid references.   (1 mark)

  2. In the following week, Liam earned $2036.25. The rate per unit remained at $3.75. Calculate the number of units Liam completed that week.   (2 marks)

Show Answers Only

a.   \(=\text{B4}^*\text{B5}\)

b.    \(\text{Number of units completed}=543\)

Show Worked Solution

a.   \(\text{Weekly earnings} = \text{Number of units completed} \times \text{Rate per unit}\)

\(\text{Formula:}\ =\text{B4}^*\text{B5}\)
 

b.   \(\text{Weekly earnings} = \text{Number of units completed} \times \text{Rate per unit}\)

\(\text{Let the Weekly earnings}=E\)

\(2036.25\) \(=E\times 3.75 \)
\(E\) \(=\dfrac{2036.25}{3.75}=543\)