2-6. You have just been notified by the Student Aid and Scholarships Office that

Question

2-6. You have just been notified by the Student Aid and Scholarships Office that you would receive a regent’s scholarship of $2000 for the coming academic year. Furthermore, your application for a work-study program has also been accepted. You will be allowed to work up to 15 hours a week at an hourly wage rate of $5.00. The academic has a total of 30 weeks of school. You estimate that the total deductions from the scholarship and work-study wages would be as follows; scholarship, 5 percent handling charges; work-study, 12 percent tax and 5 percent health insurance. Develop a model that will determine your total cash situation during the next academic year, and define all of the model components.

Explanation / Answer

Scholarship

Constant Parameter:    s [scholarship funds]

Constant Parameter:    h [handling charge]

Criterion Variable:       T [net scholarship funds]

T = s

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