Ephraim is pursuing a master's in business administration with a concentration in human resource management. An MBA will take him one year, and the program would cost him $$19,044$ in tuition and fees and $$1,200$ in textbooks. After graduation, if he expects to earn the following $($cash flows$)$ estimated salary, what is his future earnings projection in today$$s dollars $($net present value of his expected salary$)?$

$($Assume an inflation rate of $3\mathrm{.}8\%$ as of May, $2024).$

Time Year $1-5$ Year $6-10$ Year $11-15$ Year $16-20$ Year $21-45$

Expected Salary $$55,000$ $$60,000$ $$70,000$ $$80,000$ $$100,000$

Steps using a financial calculator.