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Coach

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AVG. SALARY

$47,010

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EDUCATION

Bachelor's degree

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JOB OUTLOOK

Increasing

Real-Life Activities

Real-Life Math -- Solution

  1. In each of the first 2 years, you are allowed to hand out 5 scholarships of equal value. How much is each of these scholarships worth?

    The overall scholarship budget for 5 years is $700,500. There is $120,000 allocated for each of the first 2 years.

    Scholarship value = $120,000 per year / 5 scholarships per year
    Scholarship value = $24,000

    Each of the scholarships in the first 2 years is worth $24,000.

  2. In each of the remaining 3 years of your budget, you may hand out 7 scholarships of equal value. How much is each of these scholarships worth?

    Budget remaining = $700,500 - ($120,000 per year x 2 years)
    Budget remaining = $700,500 - $240,000
    Budget remaining = $460,500

    Scholarship value = $460,500 budget / (7 scholarships per year x 3 years)
    Scholarship value = $460,500 / 21
    Scholarship value = $21,928.57

    The scholarships in the remaining three years are worth $21,928.57 each.


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OCAP believes that financial literacy and understanding the financial aid process are critical aspects of college planning and student success. OCAP staff who work with students, parents, educators and community partners in the areas of personal finance education, state and federal financial aid, and student loan management do not provide financial, investment, legal, and/or tax advice. This website and all information provided is for general educational purposes only, and is not intended to be construed as financial, investment, legal, and/or tax advice.