Neco 2022 Data Processing Question 35

A payroll spreadsheet contains the columns:\n\n- B: Basic Salary (N)\n- C: Overtime Hours\n- D: Overtime Rate (N per hour)\n- E: Gross Salary, calculated by the formula \(=B + C*D\)\n- F: Tax, calculated by the formula \(=IF(E\\le200000, E*0.1, IF(E\\le500000, 20000 + (E-200000)*0.2, 80000 + (E-500000)*0.3))\)\n- G: Net Salary, calculated by \(=E - F\)\n\nFor an employee with Basic Salary 150 000 N, Overtime Hours 24, and Overtime Rate 2 500 N, determine the Net Salary using the correct tax formula.\n\nIf the tax formula mistakenly uses 0.25 instead of 0.2 in the second bracket, compute the Net Salary produced by the erroneous formula and state the difference (in Naira) between the correct and erroneous Net Salaries.