ear for es 5-8
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
My father was born in 1964.
![1. Assume that "A" represents your father's birth year. (Note: "A" is used only to individualize the
question for each student). Assume that the returns to education in a country are as follows: 11.3%
per year for the first four years of schooling (grades 1-4), 9.4% per year for the next four years
(grades 5-8), and 7.9% per year for education beyond eight years. In this country, everyone in the
labor force in the year 2000 had 11 years of education. In the year of A, everyone in the labor force
had 5 years of education. What was the average annual growth in income per worker that was due
to the increase in education?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fef445ee8-89e0-4e2e-92cd-5e3ef3da683a%2Ff7047cb3-3f00-44f5-adab-7df8adf35d83%2Fd1qx5mg_processed.png&w=3840&q=75)
Transcribed Image Text:1. Assume that "A" represents your father's birth year. (Note: "A" is used only to individualize the
question for each student). Assume that the returns to education in a country are as follows: 11.3%
per year for the first four years of schooling (grades 1-4), 9.4% per year for the next four years
(grades 5-8), and 7.9% per year for education beyond eight years. In this country, everyone in the
labor force in the year 2000 had 11 years of education. In the year of A, everyone in the labor force
had 5 years of education. What was the average annual growth in income per worker that was due
to the increase in education?
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