5. jermaine is thinking about attending college. however, he knows that he could get a job right out of high…

5. jermaine is thinking about attending college. however, he knows that he could get a job right out of high school making about $18,000 a year. he could also work part time while attending four years of college and make $7,000 a year. assuming grants will pay for his college, how long will it take jermaine to recover his lost wages if he chooses to go to college and will make $40,000 a year with his degree?

5. jermaine is thinking about attending college. however, he knows that he could get a job right out of high school making about $18,000 a year. he could also work part time while attending four years of college and make $7,000 a year. assuming grants will pay for his college, how long will it take jermaine to recover his lost wages if he chooses to go to college and will make $40,000 a year with his degree?

Answer

Explanation:

Step1: Calculate total lost - wages during college

The full - time job wage is $18,000 per year and the part - time job wage during college is $7,000 per year. The net lost wage per year during college is $18000 - 7000= $11,000. For 4 years of college, the total lost wages are $11000\times4 = $44,000.

Step2: Calculate the time to recover lost wages

After college, Jermaine makes $40,000 per year. Let $t$ be the number of years to recover the lost wages. We set up the equation $40000t=44000$. Solving for $t$, we get $t=\frac{44000}{40000}=1.1$ years.

Answer:

1.1 years