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dicates that the peak average salary for liberal ts majors is $58,000 per year. Assuming that ost college graduates will work for 50 years ar at the time value of money averages 5% per ear, compute the future worth of an engineer's

dicates that the peak average salary for liberal ts majors is $58,000 per year. Assuming that ost college graduates will work for 50 years ar at the time value of money averages 5% per ear, compute the future worth of an engineer's

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A recent study conducted in January of 2016 indicated that the mean annual salary for engineers was $98,300 per year. Another study indicates that the peak average salary for liberal arts majors is $58,000 per year. Assuming that most college graduates will work for 50 years and that the time value of money averages 5% per year, compute the future worth of an engineer's salary and the future worth of a liberal arts major's salary. Compute the difference between the two future worth amounts.
Transcribed Image Text:A recent study conducted in January of 2016 indicated that the mean annual salary for engineers was $98,300 per year. Another study indicates that the peak average salary for liberal arts majors is $58,000 per year. Assuming that most college graduates will work for 50 years and that the time value of money averages 5% per year, compute the future worth of an engineer's salary and the future worth of a liberal arts major's salary. Compute the difference between the two future worth amounts.
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