Question

Jamal works part-time earning $8,000 per year. He reduces his work hours by half so that he can go to school. Jamal completes his degree after 3 semesters (1.5 years) at a cost of $1,400 per semester in tuition and $500 per semester in books. What was Jamal's investment in getting his degree?
a.
$4,700
b.
$5,700
c.
$11,700
d.
$17,700



Please select the best answer from the choices provided


A
B
C
D

Answer 1

To calculate Jamal's investment in getting his degree, we need to consider both his tuition and book costs as well as the income he foregoes by reducing his work hours.

1. **Tuition costs**:
- Tuition per semester = $1,400
- Number of semesters = 3
- Total tuition cost = 3 semesters × $1,400/semester = $4,200

2. **Book costs**:
- Book cost per semester = $500
- Total book cost for 3 semesters = 3 semesters × $500/semester = $1,500

3. **Total cost for the degree**:
- Total cost = Total tuition + Total book cost = $4,200 + $1,500 = $5,700

4. **Income forfeited** (by reducing work hours by half):
- Original annual income = $8,000
- New income (working half the hours) = $8,000 / 2 = $4,000
- Income forfeited annually = Original income - New income = $8,000 - $4,000 = $4,000
- Total income forfeited over 1.5 years = 1.5 years × $4,000/year = $6,000

5. **Total investment**:
- Total investment = Total cost for degree + Total income forfeited = $5,700 + $6,000 = $11,700

Thus, Jamal's total investment in getting his degree is **$11,700**.

The correct answer is: **C. $11,700**.