Ms. Taylor is 25 years old and she just obtained her MBA degree. She is considering the following two career options: (a) Start working now, earning an annual salary of $70,000 in each of next 40 years. Enroll in a PhD program, complete in 5 years and subsequently work for 35 years, earning each year the salary of $120,000. (b) Assume that the present value of all her educational expenses during her PhD studies will be $100,000 and the relevant annual interest rate is 5% throughout