It's January 1, 2018, you are now a 20-year-old and are a high-school graduate working only 40 hours per week and earning $14 per hour. It is a relatively safe job (financially) and you plan to work at this exact job for the next 45 years of your life, after which you will retire at the age of 65. Now, assume that your salary increases by 2% wage inflation at the start of every new year until retirement.

You are now considering enrolling in a school program that will require you to stop working for 5 years and pay tuition of $20,000 per year for 5 years. At the age of 25, your wage will triple in real terms relative to what it would have been at that age. Instead of earning $14 per hour (in today's dollars), it would be $42 per hour, in today's dollars. What is the Internal Rate of Return (IRR) from this investment in education? Please state any assumptions