Question

Use the chart below to answer the following questions...

Answer 1

a) Smith family spend  $\ 11208$ per year to raise their child from 5 to 18 years old.

b) If the family decides to send their child to a 4-year public college, they will spend $\ 7500$ per year

c) Valnez family will be pay $\ 12517$ per year to raise the child from birth to 18 years old

d) $\ 15714$ is the cost per year of raising a child from birth to 18 years old, and paying for 4 years of private college

Step-by-step explanation:

Part a) How much will the Smith family spend per year to raise their child from 5 to 18 years old? Round to the nearest dollar.

The cost from 5 to 18 years old is $145,700

Per year cost will be:

Divide the total amount by the number of years from 5 to 18 years. i.e 18-5 = 13 years

Cost per year: $\frac{145700}{13}$

Cost per year:$\ 11208$

So, Smith family spend  $\ 11208$ per year to raise their child from 5 to 18 years old.

Part b) If the family decides to send their child to a 4-year public college, how much will they spend per year?

The cost of 4 year Public College $30,000

Cost per year: $\frac{30000}{4}$

Cost per year: $\ 7500$

So, If the family decides to send their child to a 4-year public college, they will spend $\ 7500$ per year

Part c) How much will the Valnez family pay per year to raise the child from birth to 18 years old

Cost from Birth to 5 years old $79,600

Cost from 5 to 18 years old $145,700

$Total\,\,cost = \ 79,600+\ 145,700\\Total\,\,cost =\ 225300$

Total years: 18

Cost per year: $\frac{225300}{18}$

Cost per year: $\ 12517$

Valnez family will be pay $\ 12517$ per year to raise the child from birth to 18 years old

Part d) What is the cost per year of raising a child from birth to 18 years old, and paying for 4 years of private college? Round to the nearest dollar.

From birth to 18 years (found in part c)

Cost from birth to 18 years: $225300

Cost of 4-year Private College: $120,400

Total Cost: $\ 225300+\ 120,400$

Total Cost: $\ 345700$

Total years: 18+4 = 22

Cost per year: $\frac{345700}{22}$

Cost per year: $\ 15714$

$\ 15714$ is the cost per year of raising a child from birth to 18 years old, and paying for 4 years of private college