Let's break down the problem step-by-step to understand the calculations involved.
1. Initial Information:
- Initial annual salary: ₵16,400.00
- Annual increase: ₵240.00 per year
- Number of years worked before promotion: 8 years
- Promoted annual salary: ₵95,000.00
2. Calculating the Salary After 8 Years:
- Each year, Mr. Mensah receives a salary increase of ₵240.00.
- Over 8 years, the total increase in salary can be calculated by multiplying the annual increase by the number of years worked.
3. Total Increase Over 8 Years:
[tex]\[
\text{Total Increase} = \text{Annual Increase} \times \text{Number of Years}
\][/tex]
[tex]\[
\text{Total Increase} = ₵240.00 \times 8 = ₵1,920.00
\][/tex]
4. Salary After 8 Years:
- The new salary after 8 years is the initial salary plus the total increase over 8 years.
[tex]\[
\text{Salary After 8 Years} = \text{Initial Salary} + \text{Total Increase}
\][/tex]
[tex]\[
\text{Salary After 8 Years} = ₵16,400.00 + ₵1,920.00 = ₵18,320.00
\][/tex]
5. Promoted Salary:
- After 8 years, Mr. Mensah is promoted to a new position with a salary of ₵95,000.00 per year.
6. Summary:
- After working for 8 years, Mr. Mensah's salary increases to ₵18,320.00.
- Upon promotion, his new annual salary is ₵95,000.00.
Therefore, the final results are as follows:
- Salary after 8 years: ₵18,320.00
- Promoted annual salary: ₵95,000.00
