Question

Aaron is a high school graduate working as a retail clerk. He earns a median salary for a high school graduate. Aaron is thinking about going to college to get an associate's degree. If he completes his degree in 2 years and college costs total $30,000, how long will it take Aaron to recover his investment, assuming that he earns the median salary and continues to work full time while he is attending school?

Answer 1

Median salary for a hugh school graduate according the Bureau of Labor Statistics (BLS) is 668 $ per week, which is 668*4=2672 $ per month. If Aaron works 2 years, which equals 2*12=24 monts, he will have 24*2672$=64128$. 30000$ from this he will use for college. The payback period (length of time rquiered to recover the cost) depends what job Aaron will work after fininshing college.

Answer 2

Aaron will need to work A. about 2.5 years