Larry needs to hire a new employee. Current projections indicate that the department will generate...

Larry needs to hire a new employee. Current projections indicate that the department will generate 8 million USD in gross revenue. Larry is expected to maintain a 15% annual profit margin. Current projected expenses for the year are 6.3 million USD. For budgeting purposes, the actual cost of an employee is assumed to be twice the employee’s annual salary. Based on his budget and current projections, what is the maximum salary Larry can offer a new employee?

In Mathematics
4 Answers Available
Asked by Kngoka81 on 21st June, 2022