if a student stays in his hometown, he can go to an in - state college at a reduced tuition of $13,600 per…

if a student stays in his hometown, he can go to an in - state college at a reduced tuition of $13,600 per year and pay $700 per month in rent. or he can leave home, go to an out - of - state college with a $10,000 scholarship (per year), pay $22,000 per year in tuition, and pay $350 per month to live in a dormitory. he will pay $1000 per year to travel back and forth from the out - of - state college. assuming all other factors are equal, which is the less expensive choice on an annual (12 - month) basis? the yearly expense of the in - state college is $ and the yearly expense of the out - of - state college is $. thus, on an annual basis, the less expensive choice is the college. (simplify your answers.)

if a student stays in his hometown, he can go to an in - state college at a reduced tuition of $13,600 per year and pay $700 per month in rent. or he can leave home, go to an out - of - state college with a $10,000 scholarship (per year), pay $22,000 per year in tuition, and pay $350 per month to live in a dormitory. he will pay $1000 per year to travel back and forth from the out - of - state college. assuming all other factors are equal, which is the less expensive choice on an annual (12 - month) basis? the yearly expense of the in - state college is $ and the yearly expense of the out - of - state college is $. thus, on an annual basis, the less expensive choice is the college. (simplify your answers.)

Answer

Explanation:

Step1: Calculate in - state college expense

First, find the annual rent for in - state college. Rent is $700 per month, so annual rent is $700\times12 = 8400$. Tuition is $13600 per year. Total expense is tuition + rent, so $13600+8400=22000$.

Step2: Calculate out - of - state college expense

Tuition is $22000 per year. Dormitory cost is $350 per month, so annual dorm cost is $350\times12 = 4200$. Travel cost is $1000 per year. But there is a $10000 scholarship. Total expense is $22000 + 4200+1000 - 10000=17200$.

Answer:

The yearly expense of the in - state college is $22000 and the yearly expense of the out - of - state college is $17200. Thus, on an annual basis, the less expensive choice is the out - of - state college.