You will be comparing your future finances with someone who is not a college graduate. Assume that the median annual income for a person who is only a high school graduate is $33,500 (although this may not be accurate for Indiana residents). Use this value in comparison statements with proper absolute and relative change statements. 1. Answer the two following questions related to your median annual salary and that of the high school graduate:

Explain what job you have chosen and what has inspired you to pursue a career in that field. Use the median salary from the following website: https://www. bls. gov/ooh (Links to an external site.).
How does your salary compare to the high school graduate using BOTH an absolute change and relative change statement?
Car Loan
2. Assume you can afford to use 11% of your monthly gross income towards your monthly car payment. The terms of the loan are 3.25% APR for 6 years.

What is the highest price car you can afford based on the information above? Be sure to show and explain the Excel formula you used.
What is the highest priced car the high school graduate can afford based on the same information? Be sure to show and explain the Excel formula you used.
Use an absolute or relative change statement to compare the highest priced car of the high school graduate and yourself.
Retirement Account
3. Assume that your selected job has a retirement plan and that you will be saving for retirement for 35 years.

If 5% of your monthly income is put into a retirement account, how much should you expect if the average annual return is 7%? Be sure to show and explain the Excel formula you used.
Using the same conditions, determine the amount a high school graduate should expect to have in their retirement account? Be sure to show and explain the Excel formula you used.
Use an absolute or relative change statement to compare the retirement accounts of the high school graduate and yourself.
4. Assume you are saving for retirement with the same stipulations as before (5% of your monthly income at a rate of 7% for the account).

Use the “Guess and Check” method with the Excel formula you used in Question 3 to determine how long would it take for your account to have just over $1 million dollars? (Give your answer in whole number of years.)
Use the “Guess and Check” method with the Excel formula you used in Question 3 to determine how long would it take a high school graduate to have just over $1 million dollars? (Give your answer in whole number of years for this also.)
Compare the amount of time taken to reach just over $1 million for you and the high school graduate. Use an absolute change sentence to compare your answers.
Salary Increase
5. Your employer offers 2 options as an increase to your salary for the next year:

Option 1: You can have a 2.5% increase of your median annual salary.
Option 2: You can take an increase of $1150 added to your median annual salary.

Find the new annual salary for both Option 1 and Option 2 for the college graduate. Show your calculations.
Which option should you choose as a college graduate? Explain why using an absolute change or relative change statement in your response.
Find the new annual salary for both Option 1 and Option 2 for the high school graduate. Show your calculations.
Which option should the high school graduate choose? Explain why using an absolute change or relative change statement in your response.