1. [You can use excel if you want. Show your work] Assume a person's labor market active life has three periods after high school graduation (the day the person turns 18 years old) . 0 College age (4 years, until their 22nd birthday) 0 Young professional age (until their 30th birthday) 0 Old professional age (from their 30th birthday until retirement) People that choose not to go to college work. People that choose to go to college make no money during the four years they are in school. After the three periods, the person retires on her 40th birthday. Furthermore, assume that the out-of-pocket expenditures of each year of college are $90,000, and that the yearly earnings schedule is the following: Professional Age Young Old Education Level HS Graduate $30,000 $45,000 College Graduate $50,000 $95,000 Finally, assume a discount rate of 2%. (a) [15 points] Graph the ageearning proles. (b) [10 points] Will the person choose to go to college? 2. Would your result to Q1 change if the discount rate is 3%? (a) [8 points] Show your work. (b) [9 points] If you nd you answer for Q1 changes, explain the economic reasons for its change