niah works as a retail sales clerk earning $18,000 per year. she plans to go to school for medical billing…

niah works as a retail sales clerk earning $18,000 per year. she plans to go to school for medical billing that has a median salary of $35,000. the cost of her education will be $20,000. if niah does not work for the 2 years that she is in school, about how long will it take her to recover her investment if she gets a medical billing job making the median salary when she graduates?\na. less than 1 year\nb. 1.2 years\nc. 1.6 years\nd. 3.3 years\nplease select the best answer from the choices provided\na\nb\nc\nd

niah works as a retail sales clerk earning $18,000 per year. she plans to go to school for medical billing that has a median salary of $35,000. the cost of her education will be $20,000. if niah does not work for the 2 years that she is in school, about how long will it take her to recover her investment if she gets a medical billing job making the median salary when she graduates?\na. less than 1 year\nb. 1.2 years\nc. 1.6 years\nd. 3.3 years\nplease select the best answer from the choices provided\na\nb\nc\nd

Answer

Explanation:

Step1: Calculate total investment

Niah loses $18000\times2 = 36000$ in 2 - year salary and spends $20000$ on education. So total investment $I=36000 + 20000=56000$.

Step2: Calculate time to recover

Her new - job salary is $35000$ per year. Let $t$ be the time to recover investment. We use the formula $t=\frac{I}{35000}$. Substituting $I = 56000$ into the formula, we get $t=\frac{56000}{35000}=1.6$.

Answer:

C. 1.6 years