James has a job with a current salary of $42,000. He wants to earn a college degree that will take him 2 years to complete and it will cost $28,000 per year. He will go to school full time and will not be able to work. Upon graduation, James' new salary will be $56,000 per year. How many years will it take James to recover his investment?

Question

mellanvinmill7 mellanvinmill7

20-06-2016
Mathematics

contestada

James has a job with a current salary of $42,000. He wants to earn a college degree that will take him 2 years to complete and it will cost $28,000 per year. He will go to school full time and will not be able to work. Upon graduation, James' new salary will be $56,000 per year. How many years will it take James to recover his investment?

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Evadin2019 Evadin2019 · Answer 1 · 2019-10-27T23:24:23+01:00

It will take 2.5 years for James to recover his investment.

Further explanation

Given:

From the above problem, we get these information

- James' current salary is $42000/year

- His college's tuition fee is $ 28000/year

- It takes 2 years to complete his degree

- Salary after finish degree is $ 56000

Question:

How many years will it take James to recover his investment?

James' investment would be his college's tuition fee for 2 years and the salary that he should get while away from work for 2 years.

Those statement can be write down:

investment = 2 years tuition + 2 years salary

[tex]\boxed {investment = (2 \times42000)+ (2\times28000) }\\\boxed {investment = 84000+56000=140000 }[/tex]

so the total investment is $ 140000

After finished study, James salary would be $56000/year, so the investment will recover in

[tex]\boxed {\frac{140000}{56000} = 2.5 years }[/tex]

hence, the investment will recover in 2.5 years.

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AkshayG AkshayG · Answer 2 · 2019-12-17T06:30:36+01:00

To recover the investment James will take [tex]\boxed{2.5{\text{ years}}}.[/tex]

Further Explanation:

Given:

The current salary of James is [tex]\$ 42000.[/tex]

The time taken to complete the college degree is [tex]2{\text{ years}}.[/tex]

The cost of the college degree is [tex]\$ 28000.[/tex]

The James’ new salary after college degree will be [tex]\$ 56000.[/tex]

Calculation:

The total investment of James can be calculated as follows,

[tex]\begin{aligned}{\text{Investment}} &= {\text{Salary of 2 years}} + {\text{2 years tuition fees}} \\&= 2 \times 42000 + 2 \times 28000\\&= 84000 + 56000\\&= \$ 140000\\\end{aligned}[/tex]

The total investment for 2 years will be [tex]\$ 140000.[/tex]

The James’ new salary after college degree will be [tex]\$ 56000.[/tex]

The time taken by James to recover [tex]\$ 140000.[/tex]

[tex]\begin{aligned}{\text{Time}} &= \frac{{140000}}{{56000}}\\&= 2.5{\text{ years}}\\\end{aligned}[/tex]

To recover the investment James will take [tex]\boxed{2.5{\text{ years}}}.[/tex]

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Answer details:

Grade: High School

Subject: Mathematics

Chapter: Investment and return

Keywords: James, job, current salary, salary, $42000, earn, college, college degree, 2 years, complete, graduation, cost, $28000, per year, investment, recover, new salary, work, able, school, full time.