Hank will take approximately 6.6 years to recover from his loss.
In the question, we are given that to go to college, Hank goes from working full-time making $28,000 per year to working part-time at half the salary for two years. The cost of his education will be $5,000.
We are asked for the time in which Hank recovers his loss if he makes $33,000 per year after getting his degree.
He will lose $14,000 every year he works part-time since his annual income drops from $28,000 to $14,000. He plans to do this for two years, which will result in a loss of $28,000 ($14000(2)).
The price of his degree will be added to this: 28,000+5,000 Equals $33,000.
By the time he graduates, he will be earning $33,000 annually. This is 5000 more a year than he was previously paid or 33000-28000.
We divide the amount he loses, 33,000, by the additional amount he will earn annually, 5000, to determine the number of years it will take him to recoup his investment:
33000/5000 = 6.6.
Thus, Hank will take approximately 6.6 years to recover from his loss.
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