probm solvng

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probm solvng

by sumasajja » Sun Jul 24, 2011 8:10 am
enrollment,faculty size,faculty salary,and tuition at college for 1980
[/u]
no of students enrolled 1790
no of faculty members -
ratio of students to faculty 11/1
average faculty salary $28,400
tuition per student $3,700
total faculty salaries $4,629,200
income from tuition -

if the total amount of faculty salaries in 1980 was paid from tuition income,approximately how much of each student's tuition was used to pay faculty salaries
a]$ 160
b]$1100
c]$1250
d]$2600
e]$3700
the answer is d
Source: — Problem Solving |

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by knight247 » Sun Jul 24, 2011 8:45 am
Number of student/Number of faculty=11/1

S/F=11/1

1790/F=11
F=163


# of students enrolled 1790
tuition per student $3,700
total income recvd from tuition alone $6,623,000

total faculty salaries $4,629,200

Now, we find the what percentage of the total tuition income does the total faculty salary comprise
$4,629,200*100/$6,623,000=69.89≈70%

70% of the total tuition income is used to pay the total salary of all the faculty members put together. This would also be the same percentage contribution of each students tuition fee towards the faculty salary.

tuition per student $3,700
3700*70/100=$2590≈2600 hence D

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by winniethepooh » Sun Jul 24, 2011 9:01 am
There are many ways to solve this.
Method 1.
Amount paid to faculty salaries / number of students.
As we need the approximate amount and also the answer options are quiet dispersed we can divide the total amount by 1800= 4629200/ 1800 = approximately 2550 ~ 2600.
Hence, answer is d.