To determine which levels of education provide the income to comfortably raise a child, we need to consider the total annual cost required for both raising a child and living expenses. This total cost is the sum of the average cost of raising a child and the cost of living without a child.
1. Calculate the total annual cost:
[tex]\[
\text{Total cost with child} = \text{Cost of raising a child per year} + \text{Cost of living without a child}
\][/tex]
Given:
- Cost of raising a child per year = \[tex]$16,900
- Cost of living without a child = \$[/tex]28,500
Therefore:
[tex]\[
\text{Total cost with child} = 16900 + 28500 = 45400
\][/tex]
2. Identify which education levels provide a wage equal to or greater than \[tex]$45,400 per year:
Let's match the calculated total cost with the median annual wages given for each level of education:
- Doctoral degree: \$[/tex]110,160
- Master's degree: \[tex]$76,800
- Bachelor's degree: \$[/tex]78,020
- Associate's degree: \[tex]$55,870
- Some college: \$[/tex]37,770
- High school diploma: \[tex]$39,070
- No HS diploma: \$[/tex]21,510
3. Compare the median annual wages against the calculated total cost of \[tex]$45,400:
- Doctoral degree: \$[/tex]110,160 (greater than \[tex]$45,400)
- Master's degree: \$[/tex]76,800 (greater than \[tex]$45,400)
- Bachelor's degree: \$[/tex]78,020 (greater than \[tex]$45,400)
- Associate's degree: \$[/tex]55,870 (greater than \[tex]$45,400)
- Some college: \$[/tex]37,770 (less than \[tex]$45,400)
- High school diploma: \$[/tex]39,070 (less than \[tex]$45,400)
- No HS diploma: \$[/tex]21,510 (less than \[tex]$45,400)
Therefore, the education levels that provide enough income to comfortably raise a child, with wages equal to or greater than \$[/tex]45,400 per year, are:
- Doctoral degree
- Master's degree
- Bachelor's degree
- Associate's degree
