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Unit 1: Earning and Purchasing

Unit 1: Earning and Purchasing. MEL 3E1 Mathematics for Everyday Life. Lesson 1: Earning an Income. Learning Goals Calculate various pay periods Converting to and from annual salary Calculate piecework earnings. Salary.

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Unit 1: Earning and Purchasing

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  1. Unit 1: Earning and Purchasing MEL 3E1 Mathematics for Everyday Life

  2. Lesson 1: Earning an Income Learning Goals • Calculate various pay periods • Converting to and from annual salary • Calculate piecework earnings

  3. Salary • A salary is usually based on an annual amount given in regular pay periods • The most standard pay periods are: • Monthy: Once a month • Semi-monthly: The 15th and last day of each month • Weekly: Every week • Bi-Weekly: Every second week

  4. Example: Salary Brianna makes $25 000 per year. Calculate her pay if she was paid: a. Monthly b. Semi-monthly c. Weekly d. Bi-weekly

  5. Example 1: Solution • Monthly $25000 ÷ 12 = $2083.33 • Semi-Monthy $25000 ÷ 24 = $1041.67 • Weekly $25000 ÷ 52 = $480.77 • Bi-weekly $25000 ÷ 26 = $961.54

  6. Piecework Pieceworkis an income based on the number of items produced or sold. Earnings can include a combination of salary and piecework.

  7. Example 1: Piecework Noah sells chocolate bars for a charity. He gets paid $20 per day and $0.50 per chocolate bar sold. Suppose Noah sold 218 chocolate bars in 3 days. How much did he earn by the end of the 3rd day?

  8. Solution Noah sold 218 bars and gets $0.50 for each bar: $0.50 x 218 = $109 Noah also gets $20 for each day he worked. He worked 3 days: $20 x 3 = $60 Add the two amounts together: $60 + $109 = $169 Noah made $169.

  9. Example 2: Piecework Kristen gets paid $0.25/lbs for picking cherries. How much does she earn if she picks 372 lbs?

  10. Solution Kristen picked 372 lbs of cherries. She gets paid $0.25 for each pound. $0.25 x 372 = $93.00 Kristen made $93.

  11. Practice! • Complete the practice questions on the handout entitled, “Lesson 1: Earning an Income”

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