Agricultural Economics Series 26 August 1976 A COMPUTER PROGRAM FOR DETERMINING THE EXPECTED RATE OF RETURN ON THE INVESTMENT IN A COLLEGE EDUCATION .EE4 A3 No .2 6 Agricultural Experiment Station of Auburn University R.D. Rouse, Director Auburn, Alabama AUBURN UNIVERSITY LIB3RARIES .E4 A3 no. 26 3 106 10 19 862 A COMPUTER PROGRAM FOR DETERMNING THE EXPECTED RATE OF RETURN ON THE INVESTMENT IN A COLLEGE EDUCATION William E. Hardy, Jr. and John L. Adrian, Jri In recent years, economists, educators, and others concerned with the education process have expressed interest in the private and.social returns generated by investment in a college education. Economists have devoted study to these returns and to the related concept of human capital, the productive asset resulting from educating and train- ing the individual [4., p. 571]. Economic analyses have also been directed toward study of the costs of the educational process and determination of how these expenses should be shared by the individual and society C l, 53. This bulletin presents several basic concepts that should be considered in an education investment analysis. A discussion of the basic returns and costs associated with higher education and a pro- cedure for determining the rate of return. on- the investment are included, Also, detailed instructions for utilization of a computer program designed to aid in determining the expected rate of return for an individual student's investment in college-are presented. j t e 2 Rate of Return Analysis A basic component of all studies related to an investment, whether in human capital or "hard" capital such as machines, build- ings, or equipment, is that of the rate ofreturn.. When a business manager considers an investment, costs and returns for that partic- ular activity are generally assembled and compared to determine the relative profitability of the investment. A. potential student should initiate a similar analysis when considering an investment in higher education. Educational Returns In determining the rate of return on educational investment, an individual must estimate all returns expected to be realized.as a result of the decision to secure higher education. Returns are grouped into two distinct categories, investment returns and consumption returns. rnves.ment retur as refer to monetary rewards or increased earnings that a person might expect through increased skills and/or abilities to produce those goods and services that are valued highly by society. Nonpecuniary or consumption returns, which re ,perhaps the most important buit most difficult to measure, stem from the imediate utility or satisfaction that a person re- ceives during the time of his schoolig and the long-run increased satisfaction that accru Bduingis lifetime because of the educa- .3 must bear for a college education are tuition, books and supplies, and foregone earnings by the student. The first two components are often referred to as explicit costs since they are obviously costs of attaining higher education. The costs of room and board are not included since a person has to live whether he is in school or not. However, a portion of this expense maybe included as a valid cost of education if it is felt that the cost of living in a college comunity is higher than would be experienced otherwise. This adjust- ment might be negative if it is felt that the cost of living in-the university envirorutent is less expensive. The foregone earnings component of private educational costs is often overlooked because this amount is not actually paid by check or cash; it is an implicit cost, It is, however, a very important part of the total cost of education, possibly as much as 80% of the annual per student cost in public niverysitie, and should be included in a rate of return analysis since students generally give up full-time employment earnings wvhile in college f 2, p.I 961. To dyetermine the rate of return on an individual's investment in higher' education, the expected investment retu~rns must be compared to the expected costs. The applicable rate of return is that rate which will- make the present value of the expected costs equal to the presnt v 4aue o-the roji-ete retuvrns Anarat i ve formulatio j:l where j sthe return associated with each period, j j is the cost.associated with each period, j; m is the total number of periods; and iis the discount rate. The rate of return estimated by this method would be a conser- vative underestimate of the true rate since not all returns are included. All costs are contained, but the nonpecuniary or consumption returns that a person receives are not incorporated into the analysis The rate of the return on the investment in education is an important subject and should be carefully considered all college or potential college students. It is, however, recognized by very few. This lack of concern comes as a result of several factors, with the most important being a general lack of knowledge concerning basic econ aic principles and an overriding' desire to attend college for other than monetary reasons. Because there is a general absence of 'personal" rate of return to education analysis; on the part of students considering college, a computer program was developed to permit students to ascertain the expected rate of return on their educational investment. This rate +unptaitona.l Procedure General Information The ,'computer program, written in FORTRAN and currently being run on a IBM 370/158, is designed to permit an analysis of rate of return data for several students.1 Thus, the program is ideal for use within the classroom to supplement a discussion of the costs and returns associated with the investment in education. The output is designed to give each student an individual computation of his rate of 'return and to produce sunary tables giving minimm, maximm, and average rates of return and average expected lifetime earnings with and without college for the total group by sex, academic class, school, and cur- riculum. These sunm~ary tables can be used to allow each student to determine his position relative to his peers and reevaluate his own expectatins. The first input required is a card describing the data being run, the number of curricula being considered, and the number of schools or colleges being analyzed. This information is given in (12Mh,212) format and is referred to as "CAR TYPE I". Thfe. next data needed are tai. names- of each curriculum in (3X, 6A4) format with the pzugram currently dimensioned to handle up to ninety (90) curricula, CARD TYPE 2. One card is required for each curriculum identification. ? ..Athough it.. is no_.t ncsyfrthe_ __ -....... _ se ca wrds to be ... 6 Cards giving the identification of the schools or colleges being considered are the next portion of data required, CARD TYPE 3. Space is allocated to handle up to twelve (12) colleges with each identif.{ cation put on a separate card in (3X,6A4) format. Again, card numbering might aid in keeping cards in order and coding other input. Individual Student Data Information for determining the rate of return for each student is obtained from the students. Each student is given a form as illus- trated by Schedule 1 and is asked to fill in the appropriate information. The first three lines are self-explanatory with each student giving h'is name, sex, academic class, school.' and curriculum. Each student provides the expected explicit costs of education in the first column. p to 13 years of schooling, starting at age 18, are permitted. Entries in this column should be annual estimates of the costs of tuition, books, supplies, and any university cotmunity. cost of living differential. Scholarships and other forms of educa- t ional aid should not be considered in this section. The data given in the second and third -kcolumns reflect the student' s income expectations . The second columngives the annual income as expected by the student without education past the high school -level, while the third colunnpermits the student to give the earnings,. scholarships, noher mntarysssance recevedwileatenin -DATA FOR fETERNINATION OF RETURNS TO COLLEGE EDUCATION Name Sex _ _ _ _ _ _ _ School ___ Academic Cl~ass Curriculum__ Cost of Tuition and Books Expected Income Without College Education rau..r a UY1e eMO Y.1 flu{ ratLYt/ trircN+u.-<14i1 uwaln.vutM Y4Mr.n wyrcduw.11oo1w.r1. w.u.u +r1w l. srw*r w1 Ww.rnraler.rrw lr rp.toa/. w:aa.raa.rry ynal.yy/. w1 a11ay.eo.' Y11A r:YpNP pF1111Y11. 'YF 4111I'd! 11j1KYlIM +MU?kwelMlilWMweM 41Y N Y WIVFA a1n1r+1 +.ouasrlrn :A 1 I t s 1111 1Y11i1aWM1 A.1MM4M1111 Expected Income With College. Education Schedule 1. Example of form used to obtain student information for rate of return analysis~ 18 19 20 21 22 23 24 25 26 27 28- 29 30 31-35 36-40 41~-45 46-50 51-55 56-60 61-65 66-70 71-75 76-80 .. ,......,e... ,.. w.,,.... .,...,. .. a wso r .. wW.w..r aavm a.,.......", 8 begin the discount process with the data entries at age 18, better results are obtained if students are asked to assume that they are eighteen years old, just graduated from high school, and are consid- ering the possibility of additional education. With this assumption, students start filling in the information on the first line of the table. If they have already been in school for several years, they should know the information "for the first few years of school and have to estimate it for the years past their present position. Data for each student are submitted with four sets of cards. "CARD TYPE 4", the first of this series, gives the basic information about each student in (40A1,815) format. These data are: Column Code Name Information 1-4 No-me Student's name 41-45 :'_ AR Nuner of years in school (1.13 permitted) 46-50 NRETIR Retirement age (35+ permitted) 51-55 NOLASS Code for academic class (1-6 permitted) 56-60 NGURR Code for curriculum (1-90 permitted) 61-65 NSEX Code for sex (l mnale, 2female) 66~70 NQT Code for quarter or semester (1-4 permitted) 71-75 NYR Year 76-80. NSCH Code for school or college (1-12 permitted) 9 "CARD TY]?E 6" gives the student's income expectations without college and "CARD TYPE 7"1 presents the expectations with college. These sets of data are punched in (8F10.0) format with several cards required for each. Figure 1 depicts the normal deck and order of cards for a rate of return analysis. Card types 4, 5, 6, and 7 are repeated for each student. There is no limit. on1 the number of students that can be considered. Exam le Anal sis This section presents a hypothetical example which illustrates actual data input and the output generated by a complete analysis. For the example, it is assumed that there are twenty possible cur- ricula and six possible schools or colleges. The curricula being considered are: 1. Agricultural Economics 2. Agronomy 3. Mimal Science 4. Horticulture 5. Building Construction 6. Interior Design 7. Chemistry 8. Geology 9. English 10. athemat is~ 1.1. Accounting 12. Business Administration 13. Economics 14.Ma n ag;eient 15. Elementary Education Card rpe 7 income with College Cards r; YC~~d; IfrL-~~IYi LLYYLY~.~~;UY -- ----- Card Type 6 Income Without College Cards U3sed for each _____ T TTTT ~.7 Card Type 5 College Cost Cards Card Type 4 Student t s name Control infonation Card Type "3 School Cards. Card Type 2 Curriculum Cards Card Type 1 Descriptive name No. of Curriculum School Cards //COSySIN DD ~ Source Deck //FORTSY&INDI)* 1EXEC F UCL Figure 1. Card order for rate o return analysis 11 The schools or colleges teing considered are 1,Agriculture S2. Architecture 3. Arts and Sciences 4. Business 5, Education 6. Engineering Data for three hypothetical students are presented on completed Schedules 2, 3, and 4. Schedule 2, giving data for B. Ross, indicates that she plans to attend school for four years, enrolled in English. She plans to work for three years after graduation and then take time td 'have children and raise them to school age. T. Jefferson, with data given on Schedule 3, plans to attend school for four years, work for two years and then return to school for two years for a graduate degree. The third colsw of the.table illustrates fairly low income levels during school years and higher levels during non-school years. The low income during the first four years could represent part-.time earnings and/or scholarships. The slightly higher figures during graduatie school indicate the possibility of an assistantship. The data for G. Washington in Schedule 4 indicates four years of school in Agronomy with expected retirement from work at age 65. A listing of the data deck required for. the analysis of these three students, the complete output, and a listing of the source program DATA FOR DETERMINATION OF RETURNS TO COLLEGE EDUCATION Name B. Ross Sex _ _= Academic Class Fr . School Arts & Sciences. Curriculum Englsh Cost of Tuition and ae Books Expected Income Without College Education Expected Income With College Education 4000 500 4000 800 4000 500 *4500 0 RAISE 0 0 0 090 7 00 9Ybul~i~i 000 i Schedule 2. Example data for hypothetical student 750 775 800 o;EG 18 19 20 21 22 23 24 25 26 27 28- 30 31-35 36-40 41-45 46-50 51x-55 56-60 61-65 66-70 71-75 "76-80 ? ...... .... .. ,.--...... w ,..,...... .....4. m._---...e. . 13 DATA FOR RETURNS TO DETERMINATION OF COLLEGE EDUCATION Name _T._ 3e$feson Academic Class Sr. ~School Arch.* Curriculumnuid in -Coast. Cos t o~f Tuition and Age Books 800 0 *0 Expected Income Without College Education 6000 600 65Q0 720Q 74-00 810 230Q 10500- IM Expected Income With College. Education 500, 1800 35000 Schedule 3. Example data for hypothetical student. Sex M. 18 ~L9 20 21 22 23. 24 25 26 27 28 29 30 31-35 36-40 4145 46-50 51*-55 56-60 61-65 66-70 71-75 76-80 14 DATA FOR DETERMINATION OF RETURNS TO COLLEGE EDUCATION Name G. Washington Sex H14 Academic Class Jr. School Agriculture Curriculum Agronomy Cost of Tuition and Age iBooks 800 ' . 825 825 900 Expected Income Without College Educat ion 5000 5000 5200 5200 6000 6000 6500 6500 6800 6800 7000 7400 7600 8000 9000 9500 9800 10200. 10500 11000 Expected Income With College Education ~100SIOQO 5150 Q00 00 9300 9500 10000 Y4 1Q2QQYw 1 IAr~i 11800 ducle 4. Excample data for hypothetical student* 18 19 20 21 22 23. 24 25 26 27 28- 29 30 31-35 36-40 41.-45 46-50 51-55 56-60 61-65 66-70 71-75 76-80 15 Suunary The computer program and associated instructions presented in this report have proved to be very useful in presenting the concept of educational investment to students in principles of economics courses. The required input data and result and analysis permit students. to' comprehend the basic, concepts of a rate of return analysis for higher education. 16 Selected References [1] Carnegie Comission on Higher Education, 1973 .&herEdcaton. 'Who Pa s ? Who Benefits'? Who ShouldaMcGraw-'HilBookCo., New Jersey. [a] Leftwich, R. H. and A. M. Sharp. 1974. Economics of Social Issues. Dallas: Business Publications, Inc. [31 Peterson, W. L.. 1974. Princi les of eonomics: Micro. Homewood, Illinois: Richard D. Irwin, Inc. [41 Shultz, T. We 1960. "Capital Formation by Education." J. of Po l. Econ., vol. 68. [51. 1967. "The Rate of Return in Allocating Investment Resources to Education.' J. Hum. Res. [61 U., S. Department of Commerce, Bureau of the Census. 1974. Curn ouainReot Cnue noe U. S. Government Printing office, Washington, D.* C. 17 APPENDIX Listing of Input and Output from Example Problem and Source Deck 18 INPUT 19 I AC J .C'LT(MAL 1 CCoJO ICS JJ1ahIMA/L SCIh ICL. 4t O R TI C UL ru:& Sf+UILDI N6 , C01S4tUC TIJON 7CMivL.ISTmY 6 L OL OGY Sf NCL I 5 I ('l.ATttE>A T ICS 1 .3US1NES AUItS ,TTI'q 1 3L C(3r'OOc T Cs I L}. 9t E A !J v ,;C A T 101"1 16 .ECIAL . tIUJCAT 1o'i l7ALfd)OS 'ACE L.4(,JtO&UE ?s WLtC"A'"I CAL . '31I IL " It C I A iRICuj rur. r" t N . r - br.iiUCATI I'.} 75 7 4 u 0 400& {5) 0 SO0 8606 t ti~ 00 0 0 1 500 11000 I Jr.FFEPi . 10500 106 5 00G5.00 1,0500 10H~00 13Ou 0 13500 5000 5000 68300 L800 9860 I U1u00 1000 1 000 9000) (9000 1u900 11"300 20 0b 8)0f 400u 60 0 }?00 . 100 1500 74000 97000 10 500 55 $ 1 9 2 1 lTb 3 41 00 6 600 930 r~00 11000 1t 00 430 4. 0 43000 0 X0U 0 000 11 ;1400 x 300 000 o ) 9001) t400 1 O0t0 9i0u0 'p500 11 7 ?00 9500 14-400 r( 1000 .1 40 0 10000 4 65 3 2 1 1 76 1 6000 7600 rU0 10000 6000 $o00 6100 1 0000 900 9300 10500 7,004 I 1 1 Y 20 OUTPUT 21 EXPECTED) INCOMES WITH ht~t1) WITHOUT COLLEGE EDUCATION AND R~ATE OF RETURN4 FOR STUDENTS It EXAMPLE PROB3LEM DURING SESSION I OF 197t ) THIS IS' T1$FOR ; FOSS WHO. EXPECTS TO G0 TO SCHOOL FG t 4 YEARS AND WO~t UNTIL THE AGE Of 55,. WORKING 34 YEARS AFTER COLLEGE. THIS STUD~ENT IS ENROLLED IN ENGLISH WITH THE EXPECTED INCOMES AND. COSTS GIVEN BELOW, WILL HAVE AN APPROXIMATE PATE OF RETURN ON THE I NNVE SrT E T IN EDUCATION OF 6 *.0 PERCENT . R3 OSS EXPECTED IN*COME PER YLEAP WITH COLLEGEF EDUCAT I D 500.00 800.00 5.)0.*00 6000.00 6300.00 90()0 00 0.0 0.0 0.0? 0.0 0.0 9000.00 9500.00 10500.00 11000.00 EXPECTED" I NCO' E PER YEAR WITHOUT COLLEGE EDUCAl ION 4000. 00 4000.00 4000.00 41VU U UU 4300.00 4500.00 4800.000 0.0 000 0.0 040 0.0 7300.00 7800.00 8200.00 8500.00 8600.00 EXPECTED ADDI1TIONUAL INCO; E PER LAr~ WITH COLLEG~E EQUCAT ION\ .-4250.00 -3975.0 0 -4300.00 Suu 3700.00 31300.0 u 4200.00 0.0 0.0 0.0 0.0 0.0 1700.00 1700.*00 2u00.Ou 2400.Ou TOTALS 277700.00 210.0485O AGE 18 19 20 2? 23 24 26 27 28 29 30 31-3c: 36-40 41-45 46-5O 51 .55* 231700.00 42875.00. 22 EXPECI ED INCOMES 4I TH AND 'WITHOUT COLLEGE EDUCATION AND RATE OF RETURN FOR STUDENTS IN EXAMPLE Pk0BLEM DURING SESSIONl1I OF 1976. THIS REPORT IS FOR T JEF FERSONJ WHO EXPECTS TO GO TO SCHOOL FOR 3 YEAPSf, AND-WORK UNTIL THE AGE OF 604 WORKINtG 35 YEARS AFTER~ COLLEGE.' THIS STUDENT IS ENROLLED IN BUILDING, CONS$WUCTION WITH ThE EXPECTED INCOMES AND) COSTS GIVEN BELO , WILL HAVE AN APPROXIMATE RATE OF RETURN ON THE Ir'JVESTM4ENT IN EDUCATION OF 7.0 PERCENT. TJEFFERSON EXPECT ED INCOME PER YEAR WITH COLLEGE EDUCiAT I or 500 *0') 500.00 1500,00 1500.*00 8400.00 5000.00 O0 0 *00 10500.*00 106300.00 11 000.0o 11300.00 1 1800.00 12000.00 12400.00 12600. 00 13000.00 13500. OO 14000.00 EXPECTED I NCOME PER YEAR WI IHcdjl COLLEGE EDUCATION. 6000.00 6000.00 6200.00 6300.00 6s400.00 7000.00 7 00.00 7400.00 7500 * 00 ..7000.00 p100.00 b200.00 (-300.00 {9000.00 9500.00 10000000 10500.00 10800.00 11000.00 EXPECTED ADDIT IONAL I NCO E PER YE Is WITH COLLEUE. E DUC 1 I O;' -6300.00 '-5525.40 u 14 00 0 0/ -3200.00 -34000 3000.00 2 00.00 2r,900.0u 3100.Ov 3500.00 3000.Ou 'i00.00 2600.00 2z >00 *00i 2700.*00 3000.*00 TOTALS 473300.00 360.0735O AGE 18 19 20 21 23 24 25 26 28 29 3 0 31-35 36-40 41'-45 46-50 5 1-55 56-60 396700.00 71325"Ou 23 EXPECTED.INCOMES WITH1 AND WITHOUT COLLEGE EDUCATION AND) PATE OF RETURN FOR STUDEt~JTS IN EXAMPLE PPOUrLEM DURING SESSION 1 OF 1976. THIS REPORT IS FOR G wASHINGTONi WHO.EXPECTS TU GO TO SCHOOL FOR 4 YEARS AND WORK AUNT IL THE AGE OF 65t .WOPtlING 44 YEARS AFTER COLLEGE. THIS STUDENT IS ENROLLED IN AGRONOMY WITH THE EXPECTED INCOMES AND COSTS GIVEN BELOW, WILL HAVE AN APPROXIMATE FATE OF RETURN ON THE INVESTMENT IN EOUCATION OF 9. 0 PERCENT. G '4ASHINGTON EXPECTED INCOME PEP YEAR WITH COLLE('E EDUCAT ION 1000.00 1000.00 2000.*0 0 8100 * .00 6300.00 8700.Oo 9000.00 9000.00 9300; 00 9500.00 10000000 10000000 10500. 00 10600 *00 10900 *00) 11300. 00 11800.00 12200. 00 EXPECTED I NCOM E PER YEAR WITHOUT COLLEGE E.DUCAT ION 5000.00 5000.00 5200.00 6000.00 6500000 650.00 6800.a00 6800000 7000.00 7400.00 7600.00 6000.00 9000.00 9500.00 9800.00 10200.00 10500.00 11000.00 EXPECTED AUDIT 1I4AL -INCO}"+E PEP YEAR WITH COLLEG~E EDucAT 1Oi* - 00.00 "4825.0 0 "4025. 00 2100.00 1 300.0;j 2200.0u 2200.00 2200.00 2J00.Oui 2100.00 2400. Ov 2000.00 1500 *0 l) 1300.00 1100.00 1100.v 1300.00 1200.00 TOTALS 472900.00 410.04500 AGE 19 20 23 24 25 26 27 28 29 30 31-35 36-40 41-4 5 46-50 51-55 56-60 61-65 421000.00 48550.00 SUMMARY OF INCOME AND RATE OF RETURN INFORMAT~ION AVERAGE INCOE WITH COLLEGE NUMBER EDUCATION. 3407966.63 AVERAGE INCOME WITHOUT COLLEGE EDUCATION 349800.00 AVERAGE RATE OF RETURN 8.0 MIN RATE OF RE TUN .7.0 MAX RATE OF RETURN 9.0 SUMMARY OF INCOME AND RATE OF RETURN INFORMA2 ION BY SEX. AVERAGE ICONE WITHOUT COLLEGE EDUCATION 473100 .00 277700.00 AVERAGE INCOME WITHOUT COLLEGE EDUCATION 408850.00 231700.00 AVERAGE RATE OF RETURN 8.0 8.0 RATE OF RETURN 7.0 MAX RATE OF RETURN 9.0 8.0 8.0 SUMMARY OF INCOME AND RATE OF RETURN INFOR.TION BY ACADEMIC CLASS. AVERAGE INCOME WITH COLLEGE EDUCATION 277700.00 472900.00 473300.00 AVERAGE INCOME WITHOUT COLLEGE EDUCATION 231700.00 421000.00 396700.00 AVERAG RATE OF RETURN 8.0 9.0 cqy~l7.0 MIN RATE OF RETURN 8.0 9.Q 7.0 mAX RATE OF RETURN 8.0 9.0 7.'0 CODE I 2 NUMBER 2 1 CODE 1 3 4 NUMBER 1 I SUMMARY OF INCOME AND RTE OF RETURN '2iFORMATION BY CURRICULUM. NUMBER AGRONOMY1 BUILDING CONSTRUCTION I ENGLISH 1 AVERAGE INCOME WITH CO LLEGE- EDUCATION 472900.00 473300.00 277700.00 AVERAGE INCOME WITHOUT COLLEGE EDUCATION 421000.00 396700.00 231700.00 AVERAGE RATE OR RETURN 9_.0 7.0 8.0 MIN RATE OF RETURN 9.0 7.0 8.0 MAX RATE OF RTURN 9.0 7.0 8.0 SUMMARY OF INCOME AND RATE OF RTURN Il1FORMATION BY SCHOOL OR COLLEGE CODE AGRICULTURE ARCHITECTURE ARTS AND SCIENCES AVERAGE INCOME NUMBER WITH COLLEGE EDUCATION 1 472900.00 1 473300.00 3. 277700.00} AVERAGE INCOME WITHOUT COLLEGE EDUCATION 4 2 1000.a 00 396700.00 231700.00 AVERAGE RATE OF RETURN 9.0 7.0 8.0 MIN RATE OF RETURN 9.0 7.0 8.0 MAX RATE OF RETURN 9.0 7.0 8.0 26 SOURCE DECK 27 C THIS COM PuTE '.PGPAM tAAY USED TO CALCULATE THE C ATE OF RELTURN TO 1 COLLEGE EDUCAVFI ON FOR.. INDIVIDUAL DC TU ENTS, I T SILL ALSO PRESENT SUMMARY TAB3LE FOfR A C SET OF DATA GIVING AVERAGE EXPECTED LIETI.M EARNINGS C WITH AND WITHOUT C LLEGE , AND THE AVERAGE ,T E MAX IMUM , C AND THE. MINIMUM RATES OF RETURN FOR THE TOTAL AMPLE. C AND BY SEX, ACADEMIC CLASS, CURPICULUM1, ANt) THE' SCHOOL C OP COLLE~I, C BASIC INPUT TO THE PROGRAM 1-IS AS FOLLOW : C CARD TYPE I C NAM-. OF CCOU --NEC () ---- I N (I1?A4) FO MAT. C t UM L OF CURPICUOLUM CAPS- - -f COuL..-, -C0L,. 49 50 . C NUMBER OF SCHOOL CARDS---NSC---.COL.s51 & 52,. CCARD.TYPE 2 C 'CU PICULUM NAME CARDS---,.*CUPRCD({ )-wr.IN (3X,644) FORMAT. CONE CU I CU..LA NAME 'ON EACH CAPD. C CARD TYPE 3 C SCHO1+..OLROPCOLLEGE Na,. CAR !S---S.wCCOOJ( )-N (3,,f .A4,) C FO MAT . ONE w C C Cpl.. NAME ON E ACSH CA# D. C CARD TYPE 4 C NAME OF STUD NT-w, t. ME ( ) C EXPECTEL)NU kf EP OF Y E AR S I N COLLEGE -NYLAS C (13 YEARS PERMITTED), C E)P-ECTEU)PEIIPLEMV ,TA(:E o ft14PETIRE C (A( .5 OF 35 TO - E ITTED) C STUDENT'S A C A D E IC Ci ASw---NCL AS C (6 CC)UE SPE l ITE D), C STUDENT'S CUJJRNI CI _U:A weNCURB C ST U E OT S S EX .---..K: X C {(I :ALE,2 EMKAL.E.), c: QUARTER P CRSEMESTER OFD COURSE -- -QT YEAR OF wift--NY C ST u DEN 'sSC0f OL-p .>SC H C --- IN (~+OAi,1S ) FOPMAT. C CARD TYPE C A NNUJAL COST OF BOOTS TUITION, AND OTHER COLLEGE COSTS5 C (NOT ROOF: AND f5OAHD) FOP EACH YEAR IN SCHOOL--- C COL CO T () -. ,.IN (3F I O.0) FO MAT . C MAXIMUM4 OF 13VALES C CARD TYPE 6 C ANNUAL LA -4I NGS LEX.FECTDEfBY STUDENT I F H -1t1OES NOT C ATTEND COLL.EGE094w--HISCHOOL( -- it8F0C C FOR AT . 28 C USE AS MANY OF CA% .TYPE 12 3ASNE ,ED.FQF&ALL C CURd~ICULA AND SCHO(OLS. C ONE OF CARD) TYPE t 1iSREQUIRED FOR EA\CH STUDENT. C USE AS MANY OF CAk TYPES 5, 6 AND 7 AS #E. L 'C3 ALL C- COSTS AND EXPECTED INCOMES* 83EG1N EACH OF THE THREE c l YPL OF DATA ONI NEW CARDS C ONE " El-O CARDS TYPES 41,596 AN D.7 I REQUIRED FO~ C IF SUMMARY TABLE 'H SEX, ACADEMIC CLASS, CURRICULUM, C AND SCHOOL ARE NOT DESIRED, LEAVE THESE FIELDS BLANK C FOR EACH S 'U ENT . DCPA,'N NS1U N NAE( 1?) N4AM( 4) ,COL C O S(15),H I$CH(24) , I COLG(4),AIN (24) V$),SEX( ,),CLA"SS(6, ),CU k( 290 , 91 EX (2) , ICLASS (6) , ICUPR (90) ,CUNFRCD (90,6) !SC ( 12,6) 3,1SC,(L2) #SCCOD(1, ). INTEGER BLANK/ *'/ DO 1'+()J~1 9 0O -100 I_1, 0 -20I;YNoC 11~0 CUP S ,J)w .0 1 0 CUP ,) G.0 0 14 CONTINUE SO i I>S 10 'h20 SEX( r5) 0 ,60 DC160 i 1. 160 4:,1 S y 00 DO0:170 1 NCODE. C,.f? 1 5 10 *0 17 8;0 = Th..U SC (5) --If20 180O(T r,0 . t(0TAL 1.0o 0 TOTALC=U 0 29 C READ) b'.PUT DATA. EAt)(b 30+ ( 4 U 1J) 19I6) 91 1 4C) 190 L(~4,~DO)NAMEi,NYEAk , NP T P , NCLASS, NI.P1. 1Ns~xNi N Y R, NSCh 200IF(NSELX..(T.?) GO To 210 IE( fICL ASSw.GT .6) G TO 220f 1IFUICU.1 GT.UCODL 0/0GO ro230 IF (NSCH. ,T .NSC) GO TO 240 Go()To 260 1: ITfS ( 5o) NAMUI E A .,({I #(4 ,END = l) NA .,NYEAkS, NP _T1IkNCLASS, 1CUHH", JI 4NS X , NOT ,NY , NS C H IF(NAME (1) .EQ. BL K) (4) Tu 2. G(O To200 2 2C iITfA6,760) NAME1~ HEf ~,70,h~0)NAME ,NY F:.A k # .T. :. CAS$5, f ,P 1 NSUSX .NOT NY ,N5S".H IF(CND .:(I) .EOQ.bLANK) GOV.) 2 50 5O TO 200 230 W I T (,770) NA E. 'rUAD (Ji 1, 0,END5=0 0) NAME ,NY A S,NE Tl ,NC LAS,NC U P, 11IF X ,N1 T f Y, NAi4E (I)3 ,Eir4. L /- \A. ) (. TO 2 0 60 TO 200 240 WR~ITEL(*,M80) NAAIr R ,AD(JIU74() .L u - C} ;, At =,NYUASANRE I ,CLASS,NCPF 1 v E"X ,NOT ,NY. ,t N4SCH IF (N)AM E (1) .f OJ.EL N~ ) (4) TO 25(0 00O TO 200 ?50 EAD(I ;740,U ;.~0 C?) I.YLfSNET #C/S,'C B45LS X ,NiT fiY R, 'SCt I(NAME () . E. HLAN,' ) ,GOTO 2: f 0,0 TO20 0 260 HVAf)D_0.O TOTHI-O00 1OTCO Now00 TOTAD 0.u C NW0P : IS T H E. NU01 -F:.OFOF ORING Y.ANS. C NI NC IS THE NNUM'EP OF LINESS FILLEDI)I O HANuOI . C (TJHiE NUME OF DATA ELEMENTS) C Nt OT IS THES NUM6SE..?OP"YUR'S F 064 AGE Iit} UNTIL PE TIRE<. .,TO.'TNFiUT1FT.tl 0Il 30 0O 270 I1 ,NYEA AfINC(1)COLL EG i.CLOSI IC(I) ) 270 CONTINUE~ V-Y=YEAtS+ I DO 80 I-NY-9NlNC ADOINC(I)CC'LLLG(I)-tHU$CH(I) 2 G CON~TINUE DO 30. 1 M1 ,NINC IE(IG T. 13) GO T() 290 TOTHI=TOTHI+siISCH (I1) TOVCO TOTCO*COLLLG (I1) TOT AD=TOTAD+ AINC ( 0D TO 300 290 ! TOTI=TTI+ICH()*=.0 TOTCO=T rCO+COLLEG (1) *5 () .OT AD=TOTAU+AUINC (I) 50 '300 C011,1 INUE~ u)O310I=113 310 CONTI ! ULE DO 330 Iir 44NINC DO 320 L =1.9 ~V (PiJ) :AD NC (1) J J+4 33 CONTINUE' DO 340 1 1,NTOT 1F (PV(1) .LT.0.O) Go TO 350 340 CO4T IN.UE IWETC=I E1TC+1I IRET=1 GO TO 400 C CALCULATION OF RiT OF PETURN ON ItNV 'STMiL1"I N C" .. :3 -'A I1 NT I H I SO..N RA E 3 50 X I NT=. 0 P VA:) 1=999 9999 1)0 370 I--1,200 DO 360 J1.,NTOT V4-VA)+PV (J) /(1.00+X ItT) **J 31 PAT370CO NTIN UE J90 CONTINUE XINT .XINT*100, 0 00" E680 ) 'NA,',C, NOT ,NYf WRUTE(6P310) NAME,NYfEAPS,N TI1tNIpO K, (J~CD (tCUNN'J) 1F (I~.EOL.l) GO TO 410 WRITE(6,k320) NAB' EvXINT !:.; TO 4 ?0 17"10 WPT a30) NAM4F 4 wPiT(f,* 40) .00 430 1=1,13 IAGE=1+17 430 "WIT E(6,650) lAGEt,COLLE(I),H.I SCH(I).ADIN C(I) DC) 440 1I14,NINC IA ,EIIAGE+4 44+0 W ltTF'6 60) IA(3E,IAE1,CLLEG(),HISCH(1),ADINC(1) TIE(b~30)TOTCO iTTHI ,TOTAO U TL-) SUMMARY TILES IF (I RT .LQ,1) G(-- TO 190 TOTNG=.'0TOTNO. I* 0 ST AL C TOTAL C+T T 0C T OT AL HTOTAL H+TOTH I 'TOTALF .T.OTA L +X Ni T IF(X NT*LE*XMl ")XM~1 A~INT IF (XINT.(E.XMAX) XMAXX IN'T 1F (INEX EO,0) GO0 TO 4f,0 ,3 (SEX.I) zS (NSEX., 1)+1. 0 SF.X (UASE Xq2) EX (NSEX ) +TO0TCO ?EXU(~tEXv:.3) zS N.(SE.43) +TOTHI SX (rSEX) SEA(NSE X.4.)+XI NT i (XI' T.LE, SEX (NLEX, ) ) SEX( NSEXS)~INT IFX1T.(,.,S At: SEX,6))E X (NSE .6) XIN\I" J:}I F (NCL ASS EQ.0) GO TO 470 CLASS (NCLAS,1) CLASS (NNCLASS, 1) +1. CLASS (NCL ASSf 2) =CLASS (NCLAS,2) +TQTCO CLASS (NCLASS, 3) -CL ASS (CLASS, 3) +TOTW'I CLASS (NCLASS,4) .CLASS (NCLAS.4) +XINT .FR(NCU.1F a, I CUSP NCUF 1.'P, ) Z 1 (~ ~')= N 32 (AYF VP(I C UNR ,3) =CUPP ( N CU0RR P3)}.TTHf3I (> 0 (CUR4pC.U R(NCURP,4) +.INT IE(X INT.LCN(NUN5)CURR(NUR,$)-INT ?F{(X INTG.CU(C UPRPR,6))}CURR (NUR,6) =XINI 8 F .Q ) TO 40SC 'N5CH 1) =SG(NSCH,1) +1 CC SHq 2} =SC(SH2){OC SC (\$CH*J)$C (NSCH,3)+TOTHI %C('NSCH4) =SCNSCH,4 XfId tAli 1 .ESC(NSC,5)) C( SH )XINT 1F (X1N1GE.SC(N5H,6))}S(NSC.6)XINT 49 0 '0TOy 190 v VIT6 SUMMAqY TAILLS. A)G w R ITE(6, 880 ) ITOTALITOTNO+ *5 TOT ALH=TUTALH/T TN~J TOCT AV.=T TAL /TO? TOTALR=TOTAL/TOTNO 1&TE: (6,90) ITOTAL,TOTALC,TOTALH,TQTALN,XMMIN,XMAAX iFCSCX1 1),EQ.0.O.ANiO.SEX(2,).EQ .0.0) GO TO 550 WP.ITE (60o10) A520Ih1 i2 .IS X(hfl*E.u.) EX(150. [R( SEX(I1).L..0) O TO50 1 '116 v risit 1 050 i11,2 A :F i xm*E.O) GO T} O 5T0 -9 W(LAS(I) TAS0.G)/CMAXS.I 5 :C0 %0T:1N U lA VIC-( lASSId)E,.) OT 8 33 IF(CLAS.S{1,1). t,0,0) GC) TO{600 600 CONTINUE~ }10 iiAX 0 DO 620 t1hNCO0E 620 CONTINUE I F(MAX E 0 o) GO TO 670 1)0 640 -I , AX FChI 4 {11?.:;.c:. )GO TO 640 00 630 J2?4 630 :UP I13)-C P(I.J.! ~ k (I * 1't ) '40 CONTINUE: 00 650 I I. MAX 6~5 1ICURB ( I ) CUPd {(191) 4.~ -W i~ITS f6 to950) WRITE (69960) DO 660I1MX IE(CUR(.f . e.0) 60C TO 660 660 CONTINUE 670 JPITF:Y(6,980) 00 680 1I"" , SC DO0 700 11f C IF (C (1 ') .F. 0 :';t'('700 00 6940 J.2,4 90SC (I 9 J)=SC(I 9 3J)/SC* I,1) 700 CONTINJUE 0 710 I1I1.NSC IF(SC(I9i).F .O.OO) Go TO I710 ':{T (s97 ) SCC0 (1.3J) , 1 96) ,IBC (1) ,(SC 193,) ~) 710 CONJT I WE ~TE (6999U) 1ETC 720 0RP AT ( 2A4. 212) 730 FORMAT (.3X.6A4 ) 140 FOR A( 4 0A 131I5) 7 0e FO"AT(1Hn1,S X,'It vALJ iDVALUE FO SLX Fu h*140-41) 760 FOt MAT (1 1 , X , $lNVAL... It:' VALUE FO ACAGDEf;1 C CLASS ' , 170 F O 'AAT(1H1 ,5X, $INV/3L IU1 VALUE FO CURPI CuL{_.~'~U , )$0A1 ) 780 FORMAT1(H , Xv IINVk-L .r VALUE FiOR SCHOOL j FOR ' ,4rjA1) '70 , Cw t (i'r 1.0)s 34 1 ,1";TO(1)O TOSCHOOL FOP I ,1 YERS'/5;K , 'AN O WORK (j 29r'N TIL...THE. AGEOF' t12*'. w OP. I N 'II?'' YEARS A F TL. 3101 COLL E.'/# ,'H ISI STUDFWrNT IS ENROLLED I N',A4+). 3~20 FORMAT (///SX,'WITH THE EXPECTED INC ...ESANI)- COSTS 1'GIVEN BELOW, ' ,40AI/5~X,'wIL HAVE AN APPROXIM4ATE FATE' #. OF RE TtkN' /X , #O N THE INVEST iENT IN. EDUCAT ION OF fit $30 F0MAT(/// X, 'WITH THIE EXPECTED INCOA S AND COSTS ' 1'GIVEN BELOW* ',40.A1/5X,'WILL HAVE AN INFINItE RATE# 290 OF PTN'SO THE. INVESTMENT I N EDUCATION.') 640( FO~tAt///T62EXPECTED/T6'4GE',-! T t,'tEX 'CT EU',T +l 1,'#XPECTED',T 61, 'At)D(TIONAL'/T1t6,'4INCO PER YE.Af',T37 29'INCOME PERYEAR' ,T5 ,#INCOMERLYYF'/T1$,'WITH CC, 3, #LLEGE 19 T37,'WI THOUT COLLEGE1'T 60 "WITH COLLLE' /T 420, 'EDUCATIONN' ,T41,'EDUCATION ',T6. 'EDUCATION')i 8350 FO MAT (T7,12,T19.9.,110,F9.2,T62,F9. ) 860 FORMAT (T5912, ' ,TT '19,-F9.?2, r4O, F, 2, T F'9.2 ) 870 FORMAT (/T5,9'TOTALS #,T8.,.Fi0. 2!s399F1. 2T(1IF 10.2) 880 FOPAT (IHI ///T30,'#SUMNARY OF INCO!AE. AND R~ATE OF -PETU' I ,'N I NROt ~AT IOCN'#)r ~90 FOAT (///T2 M, # V : A E I NCO#E#T4 ~, #'AV MAGE INCOME'/T? 19#'WJITH COLLEGE', T 8,'wI TROUT COLLEG .' ,T7 ,'#AV .RA;. #, 2T 91t 'MIN' ,T1Th, *'MAX #/T21.,'NUMB~ER' vT31 'E#DUCATION' Tbo 3'EDUCATION' 9T6A8, 'RATE OF RETURN' ,T8 , 'P~ATS. OF RETURN' , 4T103, ' ATE OF RETUPN') ~00 FO M. T (/12, I.3,T 0,F1o'.2 T49,F1o.?,r73,F'4. l1,10,F4,I 910 FORMAT ( I HI //' T30, ' SU. (MAY OF INCOME AN() RATE .OFRETURN' , 1 NF OP !M'AT 1ION'T EY : 920 FORMAT (///T? 8 *'AV&QGL I NCOMAE ' #. 4 * AVERAGE INC.~. * #/ 11 9, 'IITHi COLL % #,T4 . # 1THUT COLLEGE #-yT72,'AVLNAGL 2T1, 'IN' 108 ,'MAX'/T14, 'CODE' ,T2)1, 'NWL'T31, 'ELU' 3 1 CArT 01"1'tT50, ' :.(C.AT ION' , T68,v' ATE OF *RE URN 0 ,T~,' ' # 'ATE--OF RETURN' #T 1011,#PATE'-'OF tT U P # I ,F4, 1,1TI06,F5.I) 940 FORMAT (1I1/T 30 # #5UMMA Y OF I NCO='E AND RATE OF RETURN' 1 #' fNROP='MT ION 13Y ACADEMIC CLASS.'#) x9.50 F O NATf;IKI //T30, # u$ ,0AApY OF INCOM1,E AN4)' ATE OF RETUR~N' 960) FOMAT (///T28, #AV_ ?AG&I INCOME#',T48, #'AVE9PAGE. INOM' / 1T29, #41 T' COLL.EGI # T4 , .I TROUT COLLEGE',T-7?, #AV f AGE'# T ; , r ,# # . .! $ ,131I9 EDUCAIO'4#, 3T68 'RATE OF PfKI'UPN' ,T8,'RATE OF RETU N'T103,'tRAT' I . 111 J6,F.i 35 990 F OFMAT (/// f TOTAL OF$'13, * STUDENTS HAVE AN INFINITE' li,'tfRATE OF RETUR~ N THEIR INVESTMIENT IN EDUCAfIO N.' ) 1000 STOP END