Table of Contents
MTH302: Business Mathematics & Statistics
Business mathematics is mathematics used by businesses to record and manage business activities. Trading organizations use statistics in accounting, asset management, marketing, sales forecasting, and financial analysis. MTH302 Handouts pdf
MTH302 Handouts pdf
Course Category: Mathematics MTH302 Handouts pdf
Course Outline
Perform arithmetic operations. Simple and compound interest. Perform basic calculations of the percentages, averages, commission, brokerage and discount. Solve linear equations in one variable, Matrices, Mathematics of Merchandising, Break-even Analysis, Measures of central tendency. Measures of dispersion and skewness, Line fitting. Time series and Exponential smoothing. Permutations and Combinations. Elementary Probability, Chi-Square, Binomial Distribution, Normal Distributions, Estimating from Samples, Hypothesis testing: Chi-Square Distribution. MTH302 Handouts pdf
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MTH302 HANDOUTS
MTH302: Business Mathematics & Statistics
Commission
The commission is the amount of money paid to the seller for all the sales he makes. When a seller is paid a commission, the amount he earns depends on the amount he sells.
OR
The commission is the amount of money paid to the seller for all the sales he makes. When a seller is paid a commission, the amount he earns depends on the amount he sells.
Simple and Compound Interest
Interest, usually expressed as a percentage, can be simple or combined. Simple interest is based on the principal amount of the loan or deposit. In contrast, compound interest is based on the constant value and interest rate accumulated at all times.
Applications of Basic Mathematics
Provident Fund
According to local laws, a company can establish a Provident Trust Fund for the benefit of employees. By law, 1/11 of the Basic Salary per month is held by the company in the sum of the work. The equivalent amount, i.e. 1/11 of the basic salary per month, is deposited by the company in the Provident Fund in the employee’s account. There is therefore a 2/11 base investment in the user name in the Provident Fund. The Company can invest in the Provident Fund with Government-approved securities as security certificates. Interest earned on Provident Fund investments is deposited into employees’ accounts in proportion to their share in the Provident Fund.
Gratuity Fund
According to local laws, a company can establish a Gratuity Trust Fund for the benefit of employees. By law, 1/11 of the Basic Salary per month is deposited by the company in the Gratuity Fund in the employee’s account. So there are 1/11 basic salary savings on behalf of an employee in the Gratuity Fund. The company can invest in savings in the Government-approved Gratuity Fund as security certificates. Interest earned on investments in the Gratuity Fund is deposited in employees’ accounts in proportion to their share in the Gratuity Fund.
Social Charges
Social costs include leaves, group insurance, and treatment. General medical/group insurance is about 5% of total income. Other social benefits may contribute to employee child education, club membership, travel assistance, etc. Such benefits can be approximately 5.8%. 18.2% of total gross income (as calculated in the example above) therefore the total public expenditure may be = 18.2 + 5 + 5.8 = 29% of gross income. Some companies may have additional social benefits. 29% of public charges are standard.
