in order to go to college, hank goes from working full - time making $28,000 per year to working part - time…

in order to go to college, hank goes from working full - time making $28,000 per year to working part - time at half the salary for two years. the cost of his education will be $5,000. if hank makes $33,000 per year after getting his degree, approximately how many years will it take him to recover his investment?\na. 1\nb. 5.6\nc. 6.6\nd. 12.2\nplease select the best answer from the choices provided\no a\no b\no c\no d

in order to go to college, hank goes from working full - time making $28,000 per year to working part - time at half the salary for two years. the cost of his education will be $5,000. if hank makes $33,000 per year after getting his degree, approximately how many years will it take him to recover his investment?\na. 1\nb. 5.6\nc. 6.6\nd. 12.2\nplease select the best answer from the choices provided\no a\no b\no c\no d

Answer

Explanation:

Step1: Calculate lost - income during college

Hank's full - time salary is $28000$ per year. He works part - time at half the salary ($\frac{28000}{2}=14000$ per year) for 2 years. The lost income per year is $28000 - 14000=14000$. For 2 years, the total lost income is $14000\times2 = 28000$.

Step2: Calculate total investment

The cost of his education is $5000$. The total investment is the sum of the lost income and the education cost, so $28000 + 5000=33000$.

Step3: Calculate the number of years to recover

After getting his degree, he makes $33000$ per year. To recover an investment of $33000$, the number of years $n=\frac{33000}{33000 - 14000}$. The difference in salary after and during college is $33000-14000 = 19000$ per year. So $n=\frac{33000}{19000}\approx1.74$. But we made a mistake above. The correct way is to consider the extra income after graduation compared to the pre - college full - time income. The extra income per year after graduation compared to pre - college full - time income is $33000 - 28000=5000$. The total investment is $28000+5000 = 33000$. The number of years to recover $n=\frac{33000}{33000 - 28000}=\frac{33000}{5000}=6.6$.

Answer:

C. 6.6