In each year, the federal student aid program provides financial means to prospective college students (4-year colleges) who cannot pursue their higher education otherwise. Department of Education is conducting a cost-benefit analysis to evaluate when the program will become efficient (i.e., tax revenue increase will become greater than the program cost.). You are a public policy analyst assigned to the task of estimating the number of years to allow for this program to be efficient (i.e., break-even point). In another word, how many years it would take to make this program efficient? This information is essential to design and develop funding for this program. The information you collected are as follows.

• The program cost per year is $400 million.
• The number of the beneficiaries of the program per year is 20,000 ($20,000 per student).
• On average, a college graduate earns $85,000 per year and $40,000 for a high-school graduate.
• On average, both college graduates and high-school graduates are in the same tax bracket and pay the federal income tax (18% of their annual income).
• Discount rate is 3%.

How many years it would take to make this program break-even (i.e., the discounted program benefit is equal to (or slightly greater than) the discounted program cost.)?

Show your answer in below format

Year Program Cost Discount Factor Earnings Benefit Discounted Tax Benefit Discounted Cost

2023 0 1.00 0 0

2027 400 mil 0.92 225000