Summer is rapidly approaching and you are looking for a job. You just got a fabulous offer in the mail. Here’s the letter:
| Dear _______, Your application for a job with Fly by Night Widgets for next summer has been reviewed by our personnel department and we would like to inform you that YOU GOT THE JOB! You will be working the entire month of July as a widget entrepreneur. As far as payment is concerned, the wage distributor offers you a choice of payment schemes. Payment plan #1: You can start with $50 the first day, then you will get an additional $2 each day. That means you will make $50 on day #1, $52 on day #2, $54 on day #3, and so on for the entire month. Now our liberal fringe benefits include holidays on Saturdays and Sundays (at no pay), so that your total number of working days will be 22. Payment plan #2: You will be paid 1¢ the first day, 2¢ the second, 4¢ the third, 8¢ the fourth and so on for the twenty two days you work. Please circle the plan you wish to have --> plan 1 plan 2 Welcome aboard! We look forward to seeing you next summer. Sincerely yours, Mr. & Mrs. Widget |
So which plan did you choose? Let’s see if you made a wise decision. Make a chart like the one below to help you. Extend it to 22 days. (You will be working for 22 days. We’re not counting Saturdays and Sundays as work days.)
Enter manually the appropriate values for rows
1
and
2. See above.
Enter a formula in cell F2: =C2-E2
(Notice that formulas always begin with an = sign.)
Use Excel formulas in the following cells:
In A3: =A2 + 1
In B3: =B2 + 2
In C3: =C2 + B3
In D3: =D2 * 2
In E3: =E2 + D3
Fill down the entries in row 2.
What have you discovered? Which job payment plan has the biggest payoff? (See answer.)
Here's another version of this activity: A Million $$$ misson
Enter a formula in cell F2: =C2-E2
(Notice that formulas always begin with an = sign.)
Use Excel formulas in the following cells:
In A3: =A2 + 1
In B3: =B2 + 2
In C3: =C2 + B3
In D3: =D2 * 2
In E3: =E2 + D3
Fill down the entries in row 2.
What have you discovered? Which job payment plan has the biggest payoff? (See answer.)
Here's another version of this activity: A Million $$$ misson