5. Recent Census Bureau data show that the average income of a college-erlucated person was $34.391 versus $24,701 for those who have me atended collega. At the same time, the annual tuition at public universities was $1,566 Jersus $7,693 for private colleges. In the fol- lowing questions, assume there is no differched in income between public and private uni- versity graduates. a. On the basis of these figures, what is the payback period for a college education, taking into accsunt the four years of lost earnings whc oeing in college? Do these calcula tions for both public and private colleges b. Assuming college graduation at age 22 and retirement et se 65, what is the IRR on a college degree from a public university? A private university? C. Assuming a 7% discount rate, and the same working like as in part b, what is the ne! present value of a college degree from a puolicorersin? A private university? duce next year