Question

James has a job with a current salary of $42,000. He wants to earn a college degree that will take him 2 years to complete and it will cost $28,000 per year. He will go to school full time and will not be able to work. Upon graduation, James' new salary will be $56,000 per year. How many years will it take James to recover his investment?

Answer 1

To recover the investment James will take $\boxed{2.5{\text{ years}}}.$

Further Explanation:

Given:

The current salary of James is $\ 42000.$

The time taken to complete the college degree is $2{\text{ years}}.$

The cost of the college degree is $\ 28000.$

The James’ new salary after college degree will be $\ 56000.$

Calculation:

The total investment of James can be calculated as follows,

$\begin{aligned}{\text{Investment}} &= {\text{Salary of 2 years}} + {\text{2 years tuition fees}} \\&= 2 \times 42000 + 2 \times 28000\\&= 84000 + 56000\\&= \ 140000\\\end{aligned}$

The total investment for 2 years will be $\ 140000.$

The James’ new salary after college degree will be $\ 56000.$

The time taken by James to recover $\ 140000.$

$\begin{aligned}{\text{Time}} &= \frac{{140000}}{{56000}}\\&= 2.5{\text{ years}}\\\end{aligned}$

To recover the investment James will take $\boxed{2.5{\text{ years}}}.$

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Answer details:

Grade: High School

Subject: Mathematics

Chapter: Investment and return

Keywords: James, job, current salary, salary, $42000, earn, college, college degree, 2 years, complete, graduation, cost, $28000, per year, investment, recover, new salary, work, able, school, full time.

Answer 2

It will take 2.5 years for James to recover his investment.

Further explanation

Given:

From the above problem, we get these information

- James' current salary is $42000/year

- His college's tuition fee is $ 28000/year

- It takes 2 years to complete his degree

- Salary after finish degree is $ 56000

Question:

How many years will it take James to recover his investment?

James' investment would be his college's tuition fee for 2 years and the salary that he should get while away from work for 2 years.

Those statement can be write down:

investment = 2 years tuition + 2 years salary

$\boxed {investment = (2 \times42000)+ (2\times28000) }\\\boxed {investment = 84000+56000=140000 }$

so the total investment is $ 140000

After finished study, James salary would be $56000/year, so the investment will recover in

$\boxed {\frac{140000}{56000} = 2.5 years }$

hence, the investment will recover in 2.5 years.

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Keywords: investment, college investment, recover investment, salary, tuition fee