3 Suppose that the value of marginal product of an untrained worker is $20,000 per year and...

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3 Suppose that the value of marginal product of an untrained worker is

$20,000 per year and that one year of worker training raises productivity by 20 percent. Suppose training costs are $3,500 and that the worker will stay with the firm for two years. Assume that the worker agrees to pay three-quarters of the training costs and that the interest rate is 10 percent.

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