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.

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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.

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.

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