A study by the New York Federal Reserve Bank concludes that an engineering bachelor's degree generates approximately

a

19%

return on investment over the course of a decade. Suppose the typical engineering student spends

$15,000

per year for

four

years on his/her education. Assume

a

19%

increase in the student debt during the period of time while the student is in college. What extra annual return (in dollars) does the typical student realize during the

10

years following graduation?

Click the icon to view the interest and annuity table for discrete compounding when

i=19%

per year.

Question content area bottom

Part 1

The extra annual return that the typical student realizes during the

10

years following graduation is

$enter your response here.

(Round to the nearest dollar.)