EP IN 4.1. Discuss how the present value of a future income payment is calculated. (3) 4.2. Suppose that after graduating from high school, Melinda contemplates enrolling in a one-year intensive course in the data processing. The direct costs of the course are R3,000 and the opportunity cost is R5.000. Upon completion of the course, he has been promised employment with the Computer Corporation. Expecting to receive a large inheritance, he plans to work only three years and then retire permanently from the labour force. The incremental income he anticipates earning because of his data-processing training is R3.000. R4,000, and R5,000 for the three years he intends to work. The relevant interest rate currently is 10 percent. Is the decision to enroll in the data processing course rational? (8) Page 2 o