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05 Sep 2013, 00:14
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A certain disability plan pays monthly benefits of 60 percent of the first $2000 of monthly salary plus 40 percent of any portion in excess of $2000 - the total monthly benefit not to exceed $2,500. What is the smallest monthly salary that will yield the maximum monthly benefit under this plan?
a) 5,750
b) 5,250
c) 4,500
d) 3,250
e) 2,200
a) 5,750
b) 5,250
c) 4,500
d) 3,250
e) 2,200
05 Sep 2013, 00:32
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A certain disability plan pays monthly benefits of 60 percent of the first $2000 of monthly salary plus 40 percent of any portion in excess of $2000 - the total monthly benefit not to exceed $2,500. What is the smallest monthly salary that will yield the maximum monthly benefit under this plan?
a) 5,750
b) 5,250
c) 4,500
d) 3,250
e) 2,200
a) 5,750
b) 5,250
c) 4,500
d) 3,250
e) 2,200
Let the salary be X.The fixed component for the monthly benefit : 60% of 2000 = 1200. Also, the maximum benefit for the salary over 2000 $ : 2500-1200 = 40% of (X-2000)
Thus, 1300 = \(\frac{2}{5}*(X-2000)\) --> X-2000 = 3250 , thus X = 5250.
B.
