Real-Life Math -- Solution
The solution to the problems involve simple multiplication and division
based on how fast you type, the number of records, the number of characters
those records contain and how much you charge per line.
To figure out
the total bill:
- Database design: 5 hours x $60 per hour = $300
- For each record: name, address, zip code, phone, fax and e-mail: $0.20
per record x 9,866 records = $1,973.20
Add:
| Â $1,973.20 | Total cost of data keying of records |
| +$300.00 | Database design (five hours) |
| ----------- | Â |
| $2,273.20 | Total amount for completed job |
9,866 records x 75 words and spaces = 739,950
You
have 739,950 total words and spaces in the entire project. You have to divide
that by the 8,500 keystrokes you can do per hour.
739,950 / 8,500
= 87.053
It will take 87 hours to complete the job.
Finally,
you have to divide your total bill of $2,273.20 by 87 hours to figure out
your hourly earnings.
2,273.2 / 87 = $26.13
You will
make $26.13 per hour.
According to Marshall, math plays an important
part in data entry if you work as a contractor or run your own business. "You
have to bid contracts to get the work, and then you have to decide whether
you'll get paid by the record or charge a one-time fee for the job."