Smith family spend $11208 per year to raise their child from 5 to 18 years old.
Solution:
Cost to raise the child from 5 to 18 years = $145,700
Number of years = 18 – 5 = 13
[tex]$\text{Cost per year}=\frac{\text{Total cost to raise}}{\text{Number of years} }[/tex]
[tex]$=\frac{145700}{13}[/tex]
= 11207.6923
= $11208
Cost per year = $11208
Hence Smith family spend $11208 per year to raise their child from 5 to 18 years old.
