28 A recent SBPA grad is considering enrolling in a real estate agent training program which lasts one year and has a tuition due at the end of the year of $20000. The program guarantees a job to program completers which will pay $45,000 in the first year after 30 completing the program, $54,000 in the second year after program completion, and $68,000 three years after program completion 31 There are no guarantees after that, and most program graduates move into management sales jobs in other fields after that time 32 Determine the present value of the cash flows associated with enrolling in the program and completing three successful 33 years later using a discount rate of 7%. (Hint: easier to solve using NPV). 34 35 36 27