ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Ashley is considering attending the state University to obtain a 4-year bachelor’s degree. For one year, tuition and fees are $9, 890, room and board is $8, 250 and books are $680. What will be the cost over the total 4 years of obtaining the degree?
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$18, 140
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$18, 820
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$37, 640
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$75, 280
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Explanation:
Detailed explanation-1: -The opportunity cost of attending college is everything you give up to attend college. You gave up income by going to class instead of working. You gave up money for tuition and textbooks. One thing you don’t give up is the cost of haircuts.
Detailed explanation-2: -The tuition charge is $52, 904 while room and board is $12, 592, books and supplies are $1, 048 and other fees come in at $328. All price data is sourced from the 2021/2022 U.S. Department of Education National Center for Education Statistics survey.
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