Question

Suppose that in your first year of college you spend $3,700.00 more than you earn. In your second year, your expenses increase a bit, leading you to spend $4,200.00 more than you earn. This gap goes to $4,800.00 in your third year of college, then falls a bit to $4,800.00 in your fourth and final year. 1st attempt What is your deficit in your third year of college

Answer 1

The deficit in my third year of college is $600.

Deficit is the amount by which expenditures exceed income. Deficits increases the level of debt because deficit spending has to be funded through borrowing.

Deficit in the third year of college = gap in the third year - gap in the second year

$4,800 -  $4,200 = $600

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