1.Ms. Taylor is 21 years old and she just obtained her MBA degree. She is considering the following two career options:

a)Start working now, earning an annual salary of $50,000 in each of the next 44 years.

b)Enroll in a PhD program, complete it in 5 years and subsequent work for 39 years, earning each year, the salary of $100,000

Assume that her net educational expenses at the end of each of 5 years will be of $25,000. Also, assume that the relevant annual interest rate is 5% throughout, and all the annuities in the question are ordinary annuities.

Based on the information above, find the implied or imputed monetary value of her PhD as of now.