Individual Assignment: Compensation$4$ of $4$Instructions:Rainbow Life Insurance Company, based in Toronto, uses a point$-$factor job evaluation system of their own design.The system is based on five job characteristics: Skill, Mental Effort, Physical Effort, Responsibility and Working Conditions.For each job characteristic there are four levels, or degrees. These degrees reflect the amount of knowledge, skills or experience required and, in some cases $($e$.$g$.,$ working conditions$)$ a measure of the challenge or difficulties experienced in the working environment $($e$.$g$.$ the level of stress, safety concerns, etc.$)$Here$,$ for example, is a portion of the job evaluation table based on their system. Degree $1$Degree $2$Degree $3$Degree $4$Skill$50100200300$Mental Effort$60120180$ Physical Effort$255075100$Responsibility$60120160200$Working Conditions$204060100$ Please answer the following questions:$1$ Assuming that the system is based on a maximum possible allocation of one thousand job evaluation points, what is the point value for degree $4$ of the job characteristic Mental Effort?$2-$ What is the job evaluation score for each of the following jobs?Accountant I: Skill level $2,$ Mental Effort level $2,$ Physical Effort level $2,$ Responsibility level $1,$ Working Conditions level $2$Accountant II: Skill level $3,$ Mental Effort $3,$ Physical Effort $2,$ Responsibility $2,$ Working Conditions $1$Accountant III: Skill level $4,$ Mental Effort $3,$ Physical Effort $2,$ Responsibility $3,$ Working Conditions $1$Accounting Manager: Skill level $4,$ Mental Effort $4,$ Physical Effort $3,$ Responsibility $4,$ Working Conditions $1$The following table contains the current salary of the members of the accounting department of Rainbow Life.Employee NumberJob LevelJob EvaluationPointsAnnualSalary $($C$$)1$Accountant I $80,0002$Accountant I $80,0003$Accountant I $81,0004$Accountant I $81,5005$Accountant I $85,0006$Accountant I $90,0007$Accountant I $91,0008$Accountant I $92,0009$Accountant I $93,00010$Accountant I $95,00011$Accountant I $95,50012$Accountant II $90,00013$Accountant II $94,00014$Accountant II $95,00015$Accountant II $96,00016$Accountant II $100,00017$Accountant II $101,00018$Accountant II $105,00019$Accountant II $107,00020$Accountant II $107,00021$Accountant II $108,00022$Accountant II $109,00023$Accountant III $105,00024$Accountant III $109,00025$Accountant III $109,00026$Accountant III $110,00027$Accountant III $110,00028$Accountant III $110,50029$Accountant III $112,00030$Accountant III $115,00031$Accounting Manager $120,00032$Accounting Manager $127,500$Plot the salary data against the job evaluation points you calculated. The annual salary in dollars is the Y axis, the job evaluation score, in points, is the X axis.Calculate a best fit salary line and, using that line, develop an equation for converting job evaluation points into an annual salary. $($i$.$e$.$ y $=$ mx $+$ b where the salary equals y$,$ and the number of job evaluation points equals x$).$ You may use any application software you wish to create the salary line $($e$.$g$.$ Excel$).$ You can also do it manually by plotting the graph on paper.Using your formula, calculate $($or estimate$)$ the average salary that should be paid to a fully competent employee, for a new job at Rainbow Life worth $800$ job evaluation points. $3$ Plot the salary data against the four accounting jobs. That is$,$ the annual salary is on the Y axis, and each of the four jobs, in increasing order of job level is on the X axis. Use this data to create a recommended salary range for each job. That is$,$ for each job, recommend a starting salary, a job rate and a maximum salary$\mathrm{.}4$ Assume that employees $2,3,4$ and $6$ are female. Is there a pay equity problem with the job Accountant I? $5$ Assuming that Rainbow Life wanted to pay their accounting staff, on average, at the $70$th percentile of the average salaries paid by their competition in the Toronto marketplace, how would you go about doing that?