ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$103, 500
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1 million
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$233, 610
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$60, 500
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Detailed explanation-1: -$233, 610 according to the USDA.
Detailed explanation-2: -From the day your baby is born until the day they turn 18, your family will spend about $310, 605-or about $17, 000 a year, according to a new Brookings Institution analysis of data from the U.S. Agriculture Department. The exact amount will vary depending on how much you earn and where you live.
Detailed explanation-3: -Based on an estimate by Economic Times in April 2011 and adjusted to inflation for August 2022, the cost of raising a child from birth to age of majority (21 Years) for a middle to upper-middle income family comes to about ₹1.17 crore (US$150, 000) in total.
Detailed explanation-4: -For newborns, the cost is higher. Some studies show numbers ranging from $20, 000 to $50, 000 for the child’s first year of life, depending on location and household income. Beyond the general items, like a stroller, crib, or car seat, here are some estimates of what you can expect to shell out in your baby’s first year.