According to NACE’s April 2014 Salary Survey, engineering majors held 8 of the top 10 spots on the list of top-paid majors for the Class of 2014 bachelor’s degree graduates. Graduates in petroleum engineering were the highest paid at $93,500, earning $28,000 more than the next highest paid at $67,300. Civil engineering graduates were the tenth highest paid at $62,100. Assuming the starting salary of petroleum engineering graduates stays the same for the next 10 years, what annual increase in pay would be required for civil engineering graduates to receive the same starting salary as that of petroleum engineering graduates?
According to NACE’s April 2014 Salary Survey, engineering majors held 8 of the top 10 spots on the list of top-paid majors for the Class of 2014 bachelor’s degree graduates. Graduates in petroleum engineering were the highest paid at $93,500, earning $28,000 more than the next highest paid at $67,300. Civil engineering graduates were the tenth highest paid at $62,100. Assuming the starting salary of petroleum engineering graduates stays the same for the next 10 years, what annual increase in pay would be required for civil engineering graduates to receive the same starting salary as that of petroleum engineering graduates?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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According to NACE’s April 2014 Salary Survey,
engineering majors held 8 of the top 10 spots on
the list of top-paid majors for the Class of 2014
bachelor’s degree graduates. Graduates in petroleum engineering were the highest paid at $93,500,
earning $28,000 more than the next highest paid at
$67,300. Civil engineering graduates were the
tenth highest paid at $62,100. Assuming the starting salary of petroleum engineering graduates
stays the same for the next 10 years, what annual
increase in pay would be required for civil engineering graduates to receive the same starting salary as that of petroleum engineering graduates?
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