Delores Sotomajor hopes to earn an extra $600,000 over her remaining 40-year working career by going to
Question:
Delores Sotomajor hopes to earn an extra $600,000 over her remaining 40-year working career by going to night school to obtain a master’s degree. If her income projection is correct, that’s an average of $15,000 more income a year. Delores’s employer is willing to pay $45,000 toward the $60,000 schooling costs, so she must pay out
$15,000 of her own money.
(a) What is the forgone lost future value of her
$15,000 over the 40 years at 6 percent? (Hint: See Appendix A.1.)
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