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Brenda has an associate's degree and is earning the median salary. She wants to quit working and go to college to get a bachelor's degree. If she completes her degree in 2 years and it costs [tex]$\$[/tex]15,000[tex]$, how long will it take her to recover her investment, assuming that she earns the median salary after graduation?

Median Annual Household Income by Educational Attainment of Householder, 1997:

- Associate's Degree: \$[/tex]X
- Bachelor's Degree: \[tex]$Y

Calculate the time required to recover the \$[/tex]15,000 investment based on the difference in median annual salary between an associate's degree and a bachelor's degree.

Sagot :

GinnyAnsweridn
To determine how long it will take Brenda to recover her investment in obtaining a bachelor's degree, we can follow these steps:

1. Cost of Investment: The total cost for Brenda to get a bachelor's degree is [tex]$15,000. 2. Median Salaries: - The median salary for someone with an associate's degree is $[/tex]40,000.
- The median salary for someone with a bachelor's degree is [tex]$55,000. 3. Increase in Salary: By obtaining a bachelor's degree, Brenda's annual salary will increase by: \[ 55,000 - 40,000 = 15,000 \text{ dollars} \] 4. Time to Recover Investment: To determine how many years it will take for Brenda to recover her $[/tex]15,000 investment, we divide the cost of the investment by the annual salary increase:
[tex]\[ \frac{15,000}{15,000} = 1 \text{ year} \][/tex]

Therefore, it will take Brenda 1 year to recover her $15,000 investment in obtaining a bachelor's degree, assuming she earns the median salary for someone with a bachelor's degree immediately after graduation.
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