4. Consider the following wage-schooling relationship: years of schooling 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 yearly wage $20,000 $22,400 $24,864 $27,350 $29,812 $32,197 $34,451 $36,518 $38,344 $40,644 $43,489 $46,968 $51,196 $56,315 $62,510 a) Derive and plot the return to another year of education. b) If someone can borrow and lend at an interest rate of 5%, Why should they not stop at 16 years of education? c) If someone can borrow and lend at an interest rate of 6%, how would you evaluate whether they should stop at 15 years of education? If they continue on, how many years should they get? 4. Consider the following wage-schooling relationship: years of schooling 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 yearly wage $20,000 $22,400 $24,864 $27,350 $29,812 $32,197 $34,451 $36,518 $38,344 $40,644 $43,489 $46,968 $51,196 $56,315 $62,510 a) Derive and plot the return to another year of education. b) If someone can borrow and lend at an interest rate of 5%, Why should they not stop at 16 years of education? c) If someone can borrow and lend at an interest rate of 6%, how would you evaluate whether they should stop at 15 years of education? If they continue on, how many years should they get