Answer :
To determine which levels of education provide sufficient income to comfortably raise a child, we follow these steps:
1. Calculate the Total Cost of Living with a Child:
- The cost of raising a child per year is \[tex]$16,900. - The cost of living without a child is \$[/tex]28,500.
- The total cost of living with a child per year is:
[tex]\[ \text{Total Cost with Child} = 16,900 + 28,500 = \$45,400 \][/tex]
2. Compare Median Annual Wages with the Total Cost with a Child:
- We need to see which education levels have median annual wages greater than \[tex]$45,400. 3. List of Median Annual Wages: | Typical Entry-Level Education | Median Annual Wage (\$[/tex]) |
|-------------------------------|-------------------------|
| Doctoral degree | 110,160 |
| Master's degree | 76,800 |
| Bachelor's degree | 78,020 |
| Associate's degree | 55,870 |
| Some college | 37,770 |
| High school diploma | 39,070 |
| No HS diploma | 21,510 |
4. Identify Education Levels with Sufficient Income:
- We need to find the education levels with wages greater than \[tex]$45,400: - Doctoral degree: \$[/tex]110,160 (Yes, greater than \[tex]$45,400) - Master's degree: \$[/tex]76,800 (Yes, greater than \[tex]$45,400) - Bachelor's degree: \$[/tex]78,020 (Yes, greater than \[tex]$45,400) - Associate's degree: \$[/tex]55,870 (Yes, greater than \[tex]$45,400) - Some college: \$[/tex]37,770 (No, less than \[tex]$45,400) - High school diploma: \$[/tex]39,070 (No, less than \[tex]$45,400) - No HS diploma: \$[/tex]21,510 (No, less than \$45,400)
5. Results:
- The education levels that provide sufficient income are:
- Doctoral degree
- Master's degree
- Bachelor's degree
- Associate's degree
Thus, the levels of education that would provide the income to comfortably raise a child are associate's degree, doctoral degree, bachelor’s degree, and master’s degree.
1. Calculate the Total Cost of Living with a Child:
- The cost of raising a child per year is \[tex]$16,900. - The cost of living without a child is \$[/tex]28,500.
- The total cost of living with a child per year is:
[tex]\[ \text{Total Cost with Child} = 16,900 + 28,500 = \$45,400 \][/tex]
2. Compare Median Annual Wages with the Total Cost with a Child:
- We need to see which education levels have median annual wages greater than \[tex]$45,400. 3. List of Median Annual Wages: | Typical Entry-Level Education | Median Annual Wage (\$[/tex]) |
|-------------------------------|-------------------------|
| Doctoral degree | 110,160 |
| Master's degree | 76,800 |
| Bachelor's degree | 78,020 |
| Associate's degree | 55,870 |
| Some college | 37,770 |
| High school diploma | 39,070 |
| No HS diploma | 21,510 |
4. Identify Education Levels with Sufficient Income:
- We need to find the education levels with wages greater than \[tex]$45,400: - Doctoral degree: \$[/tex]110,160 (Yes, greater than \[tex]$45,400) - Master's degree: \$[/tex]76,800 (Yes, greater than \[tex]$45,400) - Bachelor's degree: \$[/tex]78,020 (Yes, greater than \[tex]$45,400) - Associate's degree: \$[/tex]55,870 (Yes, greater than \[tex]$45,400) - Some college: \$[/tex]37,770 (No, less than \[tex]$45,400) - High school diploma: \$[/tex]39,070 (No, less than \[tex]$45,400) - No HS diploma: \$[/tex]21,510 (No, less than \$45,400)
5. Results:
- The education levels that provide sufficient income are:
- Doctoral degree
- Master's degree
- Bachelor's degree
- Associate's degree
Thus, the levels of education that would provide the income to comfortably raise a child are associate's degree, doctoral degree, bachelor’s degree, and master’s degree.
