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8. You are saving for retirement and you come across the following table. It shows the increase in the annual benefit you can receive in retirement per dollar that you increase your annual retirement saving in the years before retirement. It assumes that you will live for 20 years after retiring. For instance, if you have 30 years left before you retire and earn an interest rate of 3% per year, then you will obtain an increase of $3.20 in your annual retirement benefit for every $1 per year increase in annual saving. Fill in the missing table values. Years to Retirement Interest Rate 20 25 30 0.0% 0.5% 1.0% 1.5% 2.0% 3.0% 3.5% 4.0% 4.5% 5.0% $1.00 $1.25 $1.50 $1.10 $1.40 $1.70 $1.22 $1.57 ? $1.35 $1.75 $2.19 $1.49 $1.96 $2.48 $1.81 ? $3.20 $2.74 $3.63 $2.19 $3.06 $4.13 $2.41 $3.43 $4.69 $2.65 $3.83 ? a 11. You are 30 years old and are considering full-time study for an MBA degree. Tuition and other direct costs will be $15,000 per year for two years. In addition you will have to give up a job with a salary of $30,000 per year. Assume tuition is paid and salary received at the end of the year. By how much does your salary have to increase (in real terms) as a result of getting your MBA degree to justify the investment? Assume a real interest rate of 3% per year and ignore taxes. Also assume that the salary increase is a constant real amount that starts after you complete your degree (at the end of the year following graduation) and lasts until retirement at age 65