Subjects finance

Salary Calculation

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Salary Calculation


1. **Stating the problem:** You currently earn 50000 before tax. Next year, you will get a 10% raise, but 3% of your new salary will be contributed to a saving scheme. 2. **Formula for salary increase:** If your current salary is $S$, and the raise is $r\%$, the new salary $S_{new}$ is given by: $$S_{new} = S \times (1 + \frac{r}{100})$$ 3. **Calculate the new salary:** $$S_{new} = 50000 \times (1 + \frac{10}{100}) = 50000 \times 1.10 = 55000$$ 4. **Calculate the saving scheme contribution:** 3% of the new salary is contributed, so: $$Contribution = 55000 \times \frac{3}{100} = 1650$$ 5. **Calculate the salary after contribution:** $$Salary_{after} = S_{new} - Contribution = 55000 - 1650 = 53350$$ **Final answer:** Your salary after the 10% raise and 3% saving contribution will be **53350**.