Jesse works for an engineering firm earning $54,000 per year. Jesse is 53 years old and plans on retiring at age 65. He? s considering working part-time so that he can work on another degree. His new degree would take him 3 years to earn and cost a total of $30,000. After getting the degree, Jesse will make $75,000 per year.

Question

Felipe Burgess

Mathematics

12 August, 00:57

Jesse works for an engineering firm earning $54,000 per year. Jesse is 53 years old and plans on retiring at age 65. He? s considering working part-time so that he can work on another degree. His new degree would take him 3 years to earn and cost a total of $30,000. After getting the degree, Jesse will make $75,000 per year.

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Ignacio · Answer 1

For the duration of 3 years that he doesn't have a degree, he will make $54k per year.

3 x 54,000 = 162,000

So before his degree, he makes $162k.

By the time he gets his degree, he will be 56.

If he retires at age 65, that means he'll be working for 9 years before retiring.

Each year during this, he'll make $75k.

9 x 75,000 = 675,000

So after getting his degree, he will make another $675k.

Together, this is $837,000.

But there's one more thing: The degree cost $30,000.

Just subtract this.

837,000 - 30,000 = 807,000

So by the time Jesse retires, he will have made $807,000.