2 Miss Olive rewards her bodyguard Pop who was earning 44200

2. Miss Olive rewards her bodyguard, Pop, who was earning $44,200 annually, with an 11% raise. Pop gets paid monthly, and the COLA is 1.5%. How much is the merit increase in each of Pop\'s paychecks. Hint: The l 1% rase includes the COLA and merit increase.

Solution

Merit Increase % = 11% - 1.5% 9.50% Total merit increase = $44200 x 1+ 9.50% - 44200 $4,199.00 Merit Increase per paycheck = $4199/12 $349.92 Monthly Paycheck = $44200/12 + $349.92 $4,033.25