EARNING POTENTIAL How much does your education level affect your potential salary? Careers that pay the highest salary generally require specific knowledge and unique skills that make people seeking those jobs in more demand. In most cases, acquiring these types of abilities requires bachelor's or advanced degrees. Jobs with lower pay generally require less skills and employers can keep the pay lower because it is easier to find a replacement. These jobs usually do not require college education. What is the long-term difference in earnings based on education level? In this task, you will explore this with geometric series. The United State Department of Labor has calculated the median annual salaries for each education level. You will use this total and the average percentage raise to estimate the difference in lifetime earnings. The first series has been written for you! Median Average Earnings Earnings Earnings Annual Raise Geometric Series in After 10 After 20 After 30 Degree Level Salary Each Summation Notation Years Years Years Year Doctoral / Professional $86,762 3.2% (86,762) (1.032 ) k -1 K= 1 Master's $69, 108 3.1% Bachelor's $57,616 3.05% Associate's or Some College $39, 104 3.0% High School Diploma $33,852 2.9% Less than a High School $21,144 2.8% Diploma ANAYLISIS: Find the difference in salary between... 1. ... people with a bachelor's degree and a high school diploma over 30 years. 2 . ...people with a doctoral degree and a master's degree over 10 years. 3. ...people with a high school diploma and with less than a high school diploma over 20 years