The raise cost includes the cost to maintain that unit during the raising process.
Quote:
Cost to Raise (Raise)
This represents the combined cost of buying or making equipment (and animals, if any), recruiting manpower, and training the element – including maintaining it during training. It is paid just once. However, when replacing casualties,find the replacement cost by multiplying Raise by the percentage of casualties that need to be replaced.
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That would cover the troops pay as well. So just subtract the cost to maintain the troops from the cost to raise them. That would give you how much it costs to train, equip, and recruit them. In this case, it would be 40k (to raise) - 8k (to maintain) = 32,000 to train, equip, and raise.
Now, elements average 10 men, but can have up to 15 men. So that number should be divided by the maximum of 15, not 10. That gives about $2133 per soldier to recruit, train, and equip the soldier. Part of that may be used to recruit the soldier (a bribe or bonus), part of it is used for training. Only some of that is actual equipment.