1. A community college degree requires 2 years of study. Tuition is $5000 per year, payable at the beginning of each year. Assume that students must forego $10,000 in earnings a year for 2 years, payable at the end of the year. Also assume that once they graduate, these students will earn $4000 more each year for 45 years, and that they borrow money at 10% to finance their education.
   1. What is the present value of going to community college? Should students go to community college? Use Excel to find your answer. Explain how you calculate the present value. [Hint: calculate these amounts separately, then add.]

b. Biden has also proposed free community college. If students no longer have to pay tuition, what is the present value of attending community college?