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If the average college graduate makes $33,000 more every year than the average high school graduate, what is the cumulative marginal benefit of a college education if the average college graduate works for 40 years, assuming a 3% inflation rate? Options: a) $762,797.48 b) $1,320,000 c) $1,100,000 d) $2,488,241.57 e) $358,824.57 Which formula would you use to solve this equation? Options: a) PVA b) FVA c) PVP d) PV e) No formula needed

If the average college graduate makes $33,000 more every year than the average high school graduate, what is the cumulative marginal benefit of a college education if the average college graduate works for 40 years, assuming a 3% inflation rate? Options: a) $762,797.48 b) $1,320,000 c) $1,100,000 d) $2,488,241.57 e) $358,824.57 Which formula would you use to solve this equation? Options: a) PVA b) FVA c) PVP d) PV e) No formula needed

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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If the average college graduate makes $33,000 more every year than the average high school graduate, what is the cumulative marginal benefit of a college education if the average college graduate works for 40 years, assuming a 3% inflation rate? Options: a) $762,797.48 b) $1,320,000 c) $1,100,000 d) $2,488,241.57 e) $358,824.57 Which formula would you use to solve this equation? Options: a) PVA b) FVA c) PVP d) PV e) No formula needed
Transcribed Image Text:If the average college graduate makes $33,000 more every year than the average high school graduate, what is the cumulative marginal benefit of a college education if the average college graduate works for 40 years, assuming a 3% inflation rate? Options: a) $762,797.48 b) $1,320,000 c) $1,100,000 d) $2,488,241.57 e) $358,824.57 Which formula would you use to solve this equation? Options: a) PVA b) FVA c) PVP d) PV e) No formula needed
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