a) Smith family spend [tex]\$11208[/tex] per year to raise their child from 5 to 18 years old.
b) If the family decides to send their child to a 4-year public college, they will spend [tex]\$7500[/tex] per year
c) Valnez family will be pay [tex]\$12517[/tex] per year to raise the child from birth to 18 years old
d) [tex]\$15714[/tex] is the cost per year of raising a child from birth to 18 years old, and paying for 4 years of private college
Step-by-step explanation:
Part a) How much will the Smith family spend per year to raise their child from 5 to 18 years old? Round to the nearest dollar.
The cost from 5 to 18 years old is $145,700
Per year cost will be:
Divide the total amount by the number of years from 5 to 18 years. i.e 18-5 = 13 years
Cost per year: [tex]\frac{145700}{13}[/tex]
Cost per year:[tex]\$11208[/tex]
So, Smith family spend [tex]\$11208[/tex] per year to raise their child from 5 to 18 years old.
Part b) If the family decides to send their child to a 4-year public college, how much will they spend per year?
The cost of 4 year Public College $30,000
Cost per year: [tex]\frac{30000}{4}[/tex]
Cost per year: [tex]\$7500[/tex]
So, If the family decides to send their child to a 4-year public college, they will spend [tex]\$7500[/tex] per year
Part c) How much will the Valnez family pay per year to raise the child from birth to 18 years old
Cost from Birth to 5 years old $79,600
Cost from 5 to 18 years old $145,700
[tex]Total\,\,cost = \$79,600+\$145,700\\Total\,\,cost =\$225300[/tex]
Total years: 18
Cost per year: [tex]\frac{225300}{18}[/tex]
Cost per year: [tex]\$12517[/tex]
Valnez family will be pay [tex]\$12517[/tex] per year to raise the child from birth to 18 years old
Part d) What is the cost per year of raising a child from birth to 18 years old, and paying for 4 years of private college? Round to the nearest dollar.
From birth to 18 years (found in part c)
Cost from birth to 18 years: $225300
Cost of 4-year Private College: $120,400
Total Cost: [tex]\$225300+\$120,400[/tex]
Total Cost: [tex]\$345700[/tex]
Total years: 18+4 = 22
Cost per year: [tex]\frac{345700}{22}[/tex]
Cost per year: [tex]\$15714[/tex]
[tex]\$15714[/tex] is the cost per year of raising a child from birth to 18 years old, and paying for 4 years of private college
