SAS question. Need the code.1.Your company payroll department must project total employee costs (wages, retirement, benefits, and medical benefits) through future years based on assumed increases.
Create a SAS data set named future with four variables: Year and the three variables (Wages, Retire, Medical ) shown below.
Variable Current Value Estimated annual increase
Wages $1,284,000 6.0%
Retire 1,765,000 1.4%
Medical 649,000 9.5%
Initialize each of the variables below to their current values, and use a DO LOOP to calculate their estimated values for the next ten years. For example, next year's wage expense will be this year's wage expense plus 6 percent of this year's amount; in two years, the wage expense will be next year's amount plus 6 percent; and so on. Create one observation for each year.
Use SAS date functions to guarantee that the value of Year in the first observation is the upcoming year, regardless of the current year. (i.e., the current year is 2007, the value of Year in the first observation will be 2008).
Print the data set to verify your results.
2. Modify the previous program to create a new variable named TotCost that is the sum of the wage, retirement, and medical costs for each year. Print the data set.
3. Corporate income for last year was $50,000,000. Income is projected to increase at 1 percent per year. Modify the previous program so that the DO LOOP stops when the year's total costs exceed the year's income.
Print the data set to verify that total costs exceed income after 26 observations.