Question

Brenda has an associate’s degree earning the median salary. She wants to quit working and go to college to get just a basic bachelor’s degree. If she completes her degree in 2 years and it costs $15,000, how long will it take her to recover her investment assuming that she earns the median salary?.

Answer 1

It will take her almost 6 years to recover her investment.

Suppose the hourly work cost = $10

let us take the median pay on an hourly basis as $8

now per day if a person works for 4 hrs

so, Per day earning of a working person = 8*4       = $32

Now, the earnings for a month                 =32*22    = $704 per month

Salary per year                                          = 704*12  = $8448 per year

Now, assuming that 70% of her earnings is spent on household expenses, food, bills, etc.

Now, the rest 30% is what she pays every year to evade that $15000 expense.

∴ $ 8448 * 30/100 = $2534.4 is deducted every month from salary to pay off the expense of $15000.

Now,

2534.4 * 6 = $15206.4

Therefore it will take almost 6 years to pay off this $15000.

What is the Median Salary?

The term "median salary" refers to the income that, if you list all the wages for each person working in an occupation in numerical order, falls in the middle of the list of salaries because the word "median" literally means "the middle." On that list, half of the people make less than the median income and the other half make more. It differs from the average pay, which is the amount obtained by summing all of the salaries and dividing it by the total number of employees.

When there are an odd number of figures, there must be an additional step taken to calculate the median. The median is the average of the two salaries that lie in the middle because there isn't a number that exactly sits in the middle of the list.

Let's examine a few illustrations. We'll pretend there are three widget manufacturers for the first. From lowest to highest, their incomes are $20,000, $30,000, and $35,000. The median wage is $30,000 per year. That was simply because the middle figure is quite obvious. What if a fourth widget manufacturer makes $33,000 per year? The two middle numbers are now $30,000 and $33,000. The two numbers must be averaged, which we can do by adding them ($30,000 + $33,000) and dividing the result ($63,000 2) by two. A $31,500 median is used.

Therefore, it will take around 6 years to recover her investment assuming she earns the median salary.

For more information on median salary, refer to the given link:

https://brainly.com/question/16479787

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