mark currently works part - time with a salary of $8,000 per year. mark plans to quit working and attend…

mark currently works part - time with a salary of $8,000 per year. mark plans to quit working and attend college for 4 years. if his college costs will total $64,000, how long will it take mark to recover his investment assuming he has a salary of $32,000 upon graduating?\na. 2 years\nb. 3 years\nc. 4 years\nd. 5 years\nplease select the best answer from the choices provided\no a\no b\no c\no d

mark currently works part - time with a salary of $8,000 per year. mark plans to quit working and attend college for 4 years. if his college costs will total $64,000, how long will it take mark to recover his investment assuming he has a salary of $32,000 upon graduating?\na. 2 years\nb. 3 years\nc. 4 years\nd. 5 years\nplease select the best answer from the choices provided\no a\no b\no c\no d

Answer

Explanation:

Step1: Calculate total investment

Mark gives up $8000$ per year for 4 years and has college costs of $64000$. So total investment $I = 8000\times4+64000$. $I = 32000 + 64000=96000$.

Step2: Calculate time to recover

He earns $32000$ per year after graduating. Let $t$ be the time to recover investment. Then $32000t=96000$. Solving for $t$, we get $t=\frac{96000}{32000}=3$.

Answer:

B. 3 years