The average (median) salary for a full-time worker age 25 or older who is a college graduate with a bachelor's degree is $64,137 per year, while the average person with only a high school diploma earns $36,318 per year. Based on these data, how much more does the college graduate earn over a typical 40-year career?

2: You deposit $5000 in a bank account that pays an APR of 3.25% and compounds interest monthly. How much money will you have after 5 years? Compare this amount to the amount you would have if interest were paid only once per year. 3: Use the appropriate compound interest formula to compute the balance in the following accounts after the stated period.

2. $20,000 for 5 years with an APR of 3% compounded annually
4. $15,000 for 20 years with an APR of 3.7% compounded annually
6. $25,000 for 30 years with an APR of 4.2% compounded quarterly

4: Compute the 1, 5, and 20-year balances for the following accounts that are compounded continuously.

2. $12,000 with an APR of 3.5%
4. $3000 with an APR of 3%

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1 College graduate salary 64137 High school graduate salary 36318 Difference per year 64137 36318 ... View the full answer