23 Jul WHY IS IT REALISTIC THAT PETERS WAGE FOR OPTION ONE DECREASES TO $90000 IN YEAR 3?
Peter lives for three periods. He is considering three alternative education-work options. He can Show more Peter lives for three periods. He is considering three alternative education-work options. He can start working right away earning $100000 in period 1 $110000 in period 2 and $90000 in period 3. Alternatively he can go to college in period 1 spending $50000 in that period on books and tuition and then earn $180000 in periods 2 and 3. Finally he can get a doctoral degree after completing his BA (in year 1). This last option will cost him nothing in year 2 (books and tuition are covered by research assistant position). After getting his doctorate he will become a professor and earn $400000 (this is ridiculous and fictitious just so you know!) in period 3. a) If Peters discount rate is 0.20 which option will he choose? b) Why is it realistic that Peters wage for option one decreases to $90000 in year 3? Show less
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