Chapter 1.4, Problem 6E

To determine

(a)

To find:

The functional notation for median income in 2011 of an individual with an associate degree and its value.

To determine

(b)

To find:

The table for the median annual income of individual from $0$ year of college to $4$ years of college.

To determine

(c)

The graph between the median income and years of college.

To determine

(d)

To verify:

The formula $I=35.4\times {1.12}^y$ thousand dollars, where $y$ is the number of years of college completed, gives the same values (to the nearest dollar) as is part (b).

To determine

(e)

The median income of an individual with master’s degree using formula $I=35.4\times {1.12}^y$ thousand dollars.

To determine

(f)

The median annual income of a person with a doctoral degree in 2011.

To determine

(g)

The increase in median income for years spent earning a doctoral degree is higher or lower than 12% per year. When actual annual income is $\$91,000$.