Okay am kind of lost, how will i compute the cost for tuition for the following years for public and private collegesin the years 2027, 2028, 2029, and 2030.
The chart is listed below.
Table I: Average Earnings of Year-Round Full-Time Works by Gender and Education Attainment in the U.S., 2004
Gender Less than 9th grade Some high school High school graduate Some college Associate degree Bachelor’s degree or more
Males $25,169 $29,768 $39,117 $47,160 $48,724 $83,819
Females $18,988 $21,025 $28,537 $32,280 $36,472 $54,078
Source: The New York Times 2007 Almanac, New York: Penguin, 2007. 341.
Table II: Tuition and fees at Private and Public 4-Year Colleges
1976-2006
Year
Private Public
1976-77 $2,272 $433
1980-81 3,617 804
1985-86 6,121 1,318
1990-91 9,340 1,908
1991-92 9,812 2,107
1992-93 10,448 2,334
1993-94 11,007 2,535
1994-95 11,719 2,705
1995-96 12,216 2,811
1996-97 12,994 2,975
1997-98 13,785 3,111
1998-99 14,709 3,247
1999-2000 15,518 3,362
2000-01 16,233 3,487
2001-02 17.272 3,725
2002-03 18,273 4,081
2003-04 19,710 4,694
2004-05 20,082 5,132
2005-06 21,235 5,491
Your next task is to help the Jeffersons determine how much money they will need to save in order to guarantee that they will have enough for both children’s tuitions for four years of college. In Table II you will find information about the rising tuition and fees for 4-year colleges in the US over the last thirty years. Using 1976 as the starting year, graph the data in this table. Your x-axis should represent time, starting in 1976, and your y-axis should represent tuition costs. Use two different colors to distinguish between costs at private colleges and costs at public colleges. The points will not be perfectly linear, but in each case, private and public, you can draw a line that comes close to connecting the points. Draw these two lines, and extend them at least as far as 2030.
Use your lines to approximate the costs at private and public colleges in the years 2027, 2028, 2029, and 2030. Use these figures to determine the total amount of money George and Maria need to save in order to pay tuition and fees for both children. The second paragraph of your report should explain your work in creating the graph, and show the Jeffersons how you reached the totals for amounts they must save, in both cases, public and private colleges.
Both Jeffersons are working now, but when the twins arrive in June, Maria will take some time off from full-time work. They want to arrange to have money automatically deposited on the first of every month to an education account, and they think that with only one of them working, they will be able to deposit at most $120/month in the account. You know that the best education account available right now pays an annual interest rate of 9% compounded monthly, and you also know the formula for calculating total amount in the account:
A(t) = P[(1+r/12)^12t – 1](1+12/r)
where A(t) = the amount in the savings account after t years
P = the amount of money invested each month (in this case $120)
r = the annual rate of interest, written as a decimal (in this case 0.09)
t = the number of years the money is kept in the account
Using the formula above, calculate for the Jeffersons the total amount that they will have in the education account in 18 years, assuming that they regularly deposit $120 in the account on the first of every month throughout the 18-year period.
Maria knows that taking care of twins will be a full-time job, but she also hopes to have the energy to do some tutoring on weekends when George can take care of the children. She thinks that she will be able to manage 6 hours/week of tutoring, for which she charges $40/hour. If she does find herself able to work those hours, she and George could deposit a total of $1080/month into the education savings account. Compute for them their 18-year total assuming the new monthly deposit.
To calculate the cost of tuition for public and private colleges in the years 2027, 2028, 2029, and 2030, we can use the data provided in Table II, which shows the rising tuition and fees for 4-year colleges in the US over the last thirty years.
First, let's create a graph using the data from Table II. The x-axis will represent time starting from 1976, and the y-axis will represent tuition costs. We will use two different colors to distinguish between costs at private and public colleges.
I apologize, but as a text-based AI, I'm unable to create visual graphs. However, you can plot the data from Table II on a graph with years on the x-axis and tuition costs on the y-axis. Use one color to plot the data for private colleges and another color for public colleges. Connect the points with lines that come close to connecting the data points for each type of college. Then extend these lines to the years 2027, 2028, 2029, and 2030.
Once you have the approximate costs for private and public colleges in the years 2027, 2028, 2029, and 2030, you can proceed to calculate the total amount of money the Jeffersons need to save in order to pay tuition and fees for both children.
Let's assume that the approximate costs for private and public colleges in the mentioned years are as follows:
Private College Tuition:
2027: $x1
2028: $x2
2029: $x3
2030: $x4
Public College Tuition:
2027: $y1
2028: $y2
2029: $y3
2030: $y4
To calculate the total amount the Jeffersons need to save for both children's tuition, you need to find the sum of the tuition costs for all years:
Total for private colleges = $x1 + $x2 + $x3 + $x4
Total for public colleges = $y1 + $y2 + $y3 + $y4
In the second paragraph of your report, you can explain how you created the graph using the data from Table II and how you approximated the costs for private and public colleges in the years 2027, 2028, 2029, and 2030. You can then show the Jeffersons the totals for the amounts they must save for both public and private colleges.
Moving on to the next part of the question, let's calculate the total amount the Jeffersons will have in their education account in 18 years, assuming they regularly deposit $120 on the first of every month with an annual interest rate of 9% compounded monthly.
The formula to calculate the total amount in the savings account is:
A(t) = P[(1+r/12)^(12t) - 1](1+12/r)
Where:
A(t) = the amount in the savings account after t years
P = the amount of money invested each month ($120 in this case)
r = the annual rate of interest (0.09 as a decimal)
t = the number of years the money is kept in the account (18 years)
Using the formula, we can calculate the total amount the Jeffersons will have in their education account in 18 years:
A(18) = $120[(1+0.09/12)^(12*18) - 1](1+12/0.09)
Finally, let's compute the new total assuming Maria can work 6 hours per week as a tutor and they can deposit a total of $1080/month into the education savings account.
The new monthly deposit is $1080, which is the sum of the $120 deposit from George and the $960 deposit from Maria's tutoring.
Using the same formula as before, we can calculate the new total amount in the education account after 18 years:
A(18) = $1080[(1+0.09/12)^(12*18) - 1](1+12/0.09)
I hope this helps you calculate the costs for tuition and the total amount in the education account for the Jeffersons in their desired timeframe.
To compute the cost for tuition for public and private colleges in the years 2027, 2028, 2029, and 2030, we will need to use the data provided in Table II: Tuition and fees at Private and Public 4-Year Colleges from 1976-2006.
To graph the data in this table, we will create a line graph with the x-axis representing time starting from 1976 and the y-axis representing tuition costs. We will use two different colors to distinguish between costs at private colleges and costs at public colleges.
Here are the steps to create the graph:
1. Plot the data points from Table II on the graph, with the years on the x-axis and the corresponding tuition costs on the y-axis. Connect the points for private colleges with a line, and do the same for public colleges.
2. Extend the lines at least as far as 2030 to estimate the costs at private and public colleges in the years 2027, 2028, 2029, and 2030.
Now, let's approximate the costs at private and public colleges for the years 2027, 2028, 2029, and 2030 based on the lines we drew:
- Look at the points on the graph for private colleges. Find the corresponding y-values (tuition costs) for the years 2027, 2028, 2029, and 2030 based on the extended line.
- Repeat the same process for public colleges to find the estimated tuition costs for the years 2027, 2028, 2029, and 2030.
Once we have the estimated tuition costs for each year at both private and public colleges, we can calculate the total amount of money the Jeffersons will need to save in order to pay for tuition and fees for both children.
To calculate the total amount needed, we will sum up the estimated tuition costs for all four years of college for both children at private colleges, as well as at public colleges.
Now, let's move on to the calculation for the total amount the Jeffersons will have in the education account in 18 years, assuming a regular deposit of $120 on the first of every month, with an annual interest rate of 9% compounded monthly. We will use the formula:
A(t) = P[(1+r/12)^12t – 1](1+12/r)
Where:
- A(t) is the amount in the savings account after t years
- P is the amount of money invested each month (in this case $120)
- r is the annual rate of interest, written as a decimal (in this case 0.09)
- t is the number of years the money is kept in the account
Plug in the values into the formula and calculate the total amount in the education account after 18 years.
Lastly, let's calculate the new total amount assuming Maria can work 6 hours per week of tutoring, earning $40 per hour. In this scenario, the monthly deposit into the education savings account will be $1080. Repeat the calculation using the same formula to find the total amount in the education account after 18 years.
By following these steps, you will be able to compute the costs for tuition in the specified years for both public and private colleges and determine the total amount the Jeffersons need to save for their children's education.