Question

PLATO ANSWERS (100 Points!!) Estimate how much it costs to raise children in your city or town. Take an example of a family of four—mother, father, and two children aged four and eight living in your town or city. Both the parents work and have an annual income of $78,000. Use the United States Department of Agriculture calculator to estimate how much it will cost to raise two children age four and eight in a two-parent household in your town or city. Then, calculate the percentage of the parent’s annual income that the expenses work out to. Use the tables below to present the information.

Answer 1

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The approximate annual cost to raise an eight-year-old child is as follows:

Housing: $3,360

Food: $2,340

Transportation: $1,950

Clothing: $720

Healthcare: $1,080

Child care and education: $1,800

Other: $990

Total: $12,240.

The approximate annual cost to raise a four-year-old child is as follows:

Housing: $3,360

Food: $1,730

Transportation: $1,900

Clothing: $720

Healthcare: $1,050

Child care and education: $2,970

Other: $880

Total: $12,610.

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The total for both children is $24,850

Parent 1's Income + Parent 2's Income = Total Parental Income

78,000 + 78,000 = 156,000.

Now we know that both parents together have a income of $156,000 and the expenses total up to $24,850.

So the expenses of rasing the two children would take up 15.93% of the parents income.