A B727 FLC SETS THE WRONG EPR SETTING FOR A HIGH TEMP; HIGH ALT TKOF AND NEARLY EXCEEDS THE ALLOWABLE EGT UNTIL PWR REDUCTIONS CORRECT THE SIT ON TKOF AT SLC; UT.

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IT WAS A HOT DAY IN THE HIGH DESERT WITH DENSITY ALT ABOVE 7000 FT MSL AND OUTSIDE AIR TEMP AT 34 DEGS C. PREFLT; START AND TAXI WERE NORMAL FOR THE 3 OF US. THIS WAS OUR FIRST TRIP TOGETHER; AND THE FIRST LEG. THE SO (FE) HANDED US THE TKOF DATA CARD AND WE SET UP THE AIRSPD BUGS AND PWR SETTINGS ACCORDINGLY. THE COPLT CHKED THE WT DATA SHEET IN ACCORDANCE WITH COMPANY POLICY; AND VERIFIED OUR ASSIGNED RWY; STABILIZER SETTING AND V-SPDS. PWR SETTING NUMBERS ARE LEFT TO THE ENGINEER. I ANTICIPATED HOT-RUNNING ENGS DUE TO THE HIGH OUTSIDE AIR TEMP; AND IT'S A GOOD THING I DID! THE ENGS SPOOLED UP TO TARGET SETTINGS AND ALL LOOKED GOOD. THE COPLT; AS PNF; VERIFIED PWR SET AND ENG INSTS NORMAL. AS OUR SPD APCHED 100 KTS IT BECAME APPARENT THAT ENG MAX TEMPS WOULD BE EXCEEDED IF I DID NOT BEGIN TO RETARD THE THROTTLES. THIS I DID. I MADE THE 'GO' DECISION AND DIRECTED THE COPLT TO MONITOR THE ENG TEMPS AND REDUCE THE PWR AS NEEDED TO THE SCHEDULED DEST WITHOUT FURTHER INCIDENT AND WE DISCUSSED OUR ENG TEMP QUESTION FURTHER. MAINT FOLKS WERE CONSULTED AND RECOMMENDED ENG RUN-UPS TO VERIFY PWR SETTINGS AND TEMPS. WHILE DETERMINING TARGET SETTINGS FOR THE ENG RUN; I DISCOVERED THE SOURCE OF THE PROB. THE FE; WHILE COMPLETING THE TKOF DATA CARD; HAD MISTAKENLY USED 34 DEGS F TO DETERMINE PWR SETTING TARGETS AND NOT 34 DEGS C. MAJOR DIFFERENCE! BOTH MYSELF AND THE COPLT; DESPITE OUR EXPERIENCE ON THE JET; FAILED TO NOTE OR QUESTION THE PWR SETTINGS. OBVIOUSLY; THE SETTINGS WE REDUCED DURING THE TKOF CAME CLOSE TO THE CORRECT ONES. I WILL RECOMMEND THAT PWR SETTINGS BE PRINTED ON FINAL WT AND BAL PAPERWORK FOR THE COPLT TO CHK.