A student is trying to determine if an MBA makes sense for his career. He is considering two options for his life.

The first option is to attend a school for his MBA for the next three years. The MBA will cost $$36,557\mathrm{.}00$ per year. After school is over, he will make $$82,513\mathrm{.}00$ per year. He expects his salary to grow at $5\mathrm{.}00\%$ a year for $32\mathrm{.}00$ years after the MBA.

The second option is to stay in his current job. He currently makes $$61,069\mathrm{.}00$ per year. If he does not get an MBA, he expects his salary to grow at $3\mathrm{.}00\%$ for the next $35\mathrm{.}00$ years.

The student can earn $9\mathrm{.}00\%$ per year on his investments. For simplicity, let$$s assume all cash flows are at the end of the period $($including MBA tuition$).$

What is the present value of the MBA option?