Answered: ellevie college cost $7612.00 a year,…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 8DQ

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Question

Bellevie college cost $7612.00 a year, the graduation rate is 25%, salary after attending is $42,400. Edmonds college cost $7,207.00 a year, the graduation rate is 27%, salary after attending is $34,300. What is the explanatory? What is the response

Expert Solution

Step 1

Explanatory are statements or notes or calculations which simplify the understanding of complex situations.

Step 2

Bellevie College:

The graduation rate is 25%. It means there is a 0.25 probability to get graduated i.e there is a 0.25 probability of earning $42,400.

There we calculate return %:

$\begin{array}{rcl} R e t u r n & = & \frac{$ 42, 400 \times 0.25 - $ 7, 612}{$ 7612} \times 100 \\ = & \frac{$ 10, 600 - 7612}{7612} \times 100 \\ = & 39.25 % \end{array}$

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