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After a student graduated from Berkeley College, the student went on six different interviews. The student patiently waited back to see if he/she received any offers. Thankfully, the student received the two offers below: • Job Offer # 1: Starting annual salary of $74,000 with an annual raise of $3,500. • Job Offer # 2: Starting annual salary of $66,000 with an annual raise of $4,200. 1. The student needs help on deciding what job opportunity to take. What advice would you offer to the student? 2. Write an equation describing each job offer. 3. What strategy would you use to determine which job offer might be best for the student? 4. The student is curious to find out after how much time would she make the same amount money. After how long would this occur, how did you figure this out?

After a student graduated from Berkeley College, the student went on six different interviews. The student patiently waited back to see if he/she received any offers. Thankfully, the student received the two offers below: • Job Offer # 1: Starting annual salary of $74,000 with an annual raise of $3,500. • Job Offer # 2: Starting annual salary of $66,000 with an annual raise of $4,200. 1. The student needs help on deciding what job opportunity to take. What advice would you offer to the student? 2. Write an equation describing each job offer. 3. What strategy would you use to determine which job offer might be best for the student? 4. The student is curious to find out after how much time would she make the same amount money. After how long would this occur, how did you figure this out?

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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**Title: Evaluating Job Offers for a New Graduate** After a student graduated from Berkeley College, the student went on six different interviews. The student patiently waited to see if they received any offers. Thankfully, the student received the two offers below: - **Job Offer # 1**: Starting annual salary of $74,000 with an annual raise of $3,500. - **Job Offer # 2**: Starting annual salary of $66,000 with an annual raise of $4,200. 1. **Decision-Making Advice**: The student needs help deciding which job opportunity to take. Consider factors beyond the salary, such as benefits, job location, company culture, and growth opportunities. One could also calculate long-term salary growth to determine the financial advantage over time. 2. **Equation Description**: - For **Job Offer #1**, the salary can be described by the equation: \( S = 74,000 + 3,500 \times n \) where \( S \) is the salary and \( n \) is the number of years. - For **Job Offer #2**, the salary can be described by the equation: \( S = 66,000 + 4,200 \times n \) 3. **Strategy for Decision Making**: Compare the salary trajectories over a set period, such as five or ten years, using the equations formulated. Consider where the breakeven point occurs, where both salaries equal, and analyze from there which offer provides a greater financial benefit. 4. **Salary Equivalence Analysis**: To find out after how much time the salaries from both offers will be equal: Set the equations equal: \( 74,000 + 3,500n = 66,000 + 4,200n \). Solve for \( n \) to find when both salaries are the same, offering insight into when the financial difference balances out.
Transcribed Image Text:**Title: Evaluating Job Offers for a New Graduate** After a student graduated from Berkeley College, the student went on six different interviews. The student patiently waited to see if they received any offers. Thankfully, the student received the two offers below: - **Job Offer # 1**: Starting annual salary of $74,000 with an annual raise of $3,500. - **Job Offer # 2**: Starting annual salary of $66,000 with an annual raise of $4,200. 1. **Decision-Making Advice**: The student needs help deciding which job opportunity to take. Consider factors beyond the salary, such as benefits, job location, company culture, and growth opportunities. One could also calculate long-term salary growth to determine the financial advantage over time. 2. **Equation Description**: - For **Job Offer #1**, the salary can be described by the equation: \( S = 74,000 + 3,500 \times n \) where \( S \) is the salary and \( n \) is the number of years. - For **Job Offer #2**, the salary can be described by the equation: \( S = 66,000 + 4,200 \times n \) 3. **Strategy for Decision Making**: Compare the salary trajectories over a set period, such as five or ten years, using the equations formulated. Consider where the breakeven point occurs, where both salaries equal, and analyze from there which offer provides a greater financial benefit. 4. **Salary Equivalence Analysis**: To find out after how much time the salaries from both offers will be equal: Set the equations equal: \( 74,000 + 3,500n = 66,000 + 4,200n \). Solve for \( n \) to find when both salaries are the same, offering insight into when the financial difference balances out.
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