2011 S01 P03 EXCEL

You are an employee working for Clever Accounting Services. You have been assigned the following task:

Strawberry Internet Solutions (SIS) needs a summary of employee details including ID numbers and salary structures in order to make the preparation of monthly payslips easier for the period 1 January 2011 – 31 December 2011. The summary must clearly indicate the net salary to be paid to each employee every month.

SIS gave you the following information:

  • A spreadsheet table with all employees on their payroll with their ID numbers.
  • SIS negotiated a saving scheme with the bank for a twelve-month period (1 January 2011 – 31 December 2011) at a monthly interest rate of 9% for all employees. The employees selected a unique amount that they want to have saved in their savings account at the end of the twelve-month period. A monthly amount based on the amount selected to be saved is deducted from their salaries at the end of each month and paid over to the bank.
  • The monthly interest rate of 9% is entered in cell B13 and the savings term of twelve months is entered in cell B14.
  • All the employees’ signed letters of appointment indicating their monthly gross salary, the future value of the amount which is to be in their savings account on 31 December 2011 and their monthly medical aid and pension fund deductions.
  • You compiled the summary, below the spreadsheet containing the employee names and ID numbers provided to you by SIS in cell range A4:B11.


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