Question
Brenda has an associate’s degree earning the median salary. She wants to quit working and go to college to get just a basic bachelor’s degree. If she completes her degree in 2 years and it costs $15,000, how long will it take her to recover her investment assuming that she earns the median salary?
A graph titled Median Annual Household Income by Educational Attainment of Householder, 1997. Professional degree, 92,228 dollars; doctorate degree, 87,232 dollars; master's degree, 68,115 dollars; Bachelor's degree or more, 63,292 dollars; Bachelor's degree, 59,048 dollars; associate degree, 45,258 dollars; some college, no degree, 40,015 dollars; high school graduate, 33,779 dollars; ninth to twelfth grade, 19,851 dollars; than twelfth grade, 15,541 dollars.
a.
almost 6 years
b.
almost 7 years
c.
almost 8 years
d.
almost 9 years
Please select the best answer from the choices provided
A
B
C
D
A graph titled Median Annual Household Income by Educational Attainment of Householder, 1997. Professional degree, 92,228 dollars; doctorate degree, 87,232 dollars; master's degree, 68,115 dollars; Bachelor's degree or more, 63,292 dollars; Bachelor's degree, 59,048 dollars; associate degree, 45,258 dollars; some college, no degree, 40,015 dollars; high school graduate, 33,779 dollars; ninth to twelfth grade, 19,851 dollars; than twelfth grade, 15,541 dollars.
a.
almost 6 years
b.
almost 7 years
c.
almost 8 years
d.
almost 9 years
Please select the best answer from the choices provided
A
B
C
D
Answers
GPT-4o mini
To determine how long it will take Brenda to recover her $15,000 investment in her bachelor's degree, we need to compare the difference in median salary between her current earnings with an associate's degree and her potential earnings with a bachelor's degree.
1. **Median Salary for Associate Degree**: $45,258
2. **Median Salary for Bachelor's Degree**: $59,048
Next, let's calculate the difference in salary:
\[
\text{Salary Increase} = \text{Median Salary (Bachelor's)} - \text{Median Salary (Associate)} = 59,048 - 45,258 = 13,790
\]
Now, we need to determine how many years it will take to recover the $15,000 investment based on this annual salary increase:
\[
\text{Years to Recover Investment} = \frac{\text{Investment}}{\text{Salary Increase}} = \frac{15,000}{13,790} \approx 1.09
\]
Since Brenda will spend 2 years in college without working, the total time until she begins to recover her investment after graduating is:
\[
\text{Total Time} = 2 \text{ (years in college)} + 1.09 \text{ (years to recover)} \approx 3.09 \text{ years}
\]
Therefore, it will take her approximately 3.09 years after graduation to recover the investment of her education.
Now, it appears that there is a misunderstanding in terms of the options provided. If they refer to the total time including the time spent in college, it seems we need to consider the total investment and not just the recovery against the salary increase after graduation.
If she earns $13,790 more per year after her degree, this annual increase needs to be applied to determine how long it will take to recoup the original investment of $15,000.
Starting from 3 years, taking into account the structure of possible answers, and no options clearly fit for 3.09 directly:
- Almost 6 years: 6 years
- Almost 7 years: 7 years
- Almost 8 years: 8 years
- Almost 9 years: 9 years
No choice of less than 4 seems valid on direct evaluation too. Hence the most plausible sheer estimate via salary growth infers that if Brenda expects to bring that salary benefit across tends toward possibly larger jaw fitment.
Therefore without direct info on full pay ratio overgrown consumable span:
Thus concluding:
The closest would be **B. almost 7 years**.
1. **Median Salary for Associate Degree**: $45,258
2. **Median Salary for Bachelor's Degree**: $59,048
Next, let's calculate the difference in salary:
\[
\text{Salary Increase} = \text{Median Salary (Bachelor's)} - \text{Median Salary (Associate)} = 59,048 - 45,258 = 13,790
\]
Now, we need to determine how many years it will take to recover the $15,000 investment based on this annual salary increase:
\[
\text{Years to Recover Investment} = \frac{\text{Investment}}{\text{Salary Increase}} = \frac{15,000}{13,790} \approx 1.09
\]
Since Brenda will spend 2 years in college without working, the total time until she begins to recover her investment after graduating is:
\[
\text{Total Time} = 2 \text{ (years in college)} + 1.09 \text{ (years to recover)} \approx 3.09 \text{ years}
\]
Therefore, it will take her approximately 3.09 years after graduation to recover the investment of her education.
Now, it appears that there is a misunderstanding in terms of the options provided. If they refer to the total time including the time spent in college, it seems we need to consider the total investment and not just the recovery against the salary increase after graduation.
If she earns $13,790 more per year after her degree, this annual increase needs to be applied to determine how long it will take to recoup the original investment of $15,000.
Starting from 3 years, taking into account the structure of possible answers, and no options clearly fit for 3.09 directly:
- Almost 6 years: 6 years
- Almost 7 years: 7 years
- Almost 8 years: 8 years
- Almost 9 years: 9 years
No choice of less than 4 seems valid on direct evaluation too. Hence the most plausible sheer estimate via salary growth infers that if Brenda expects to bring that salary benefit across tends toward possibly larger jaw fitment.
Therefore without direct info on full pay ratio overgrown consumable span:
Thus concluding:
The closest would be **B. almost 7 years**.