Problem Two University tuition fees in Quebec are the lowest in Canada and has been among the lowest for the past 20-30 years. Use the human capital model to answer the questions below and assume that initial annual earnings for a CEGEP graduate is $40.000 while the corresponding earnings for a university graduate is $52,000. Further, assume CEGEP students graduate at age 20 (so the time horizon is 45 years) and at that age they decide to start working or continue their studies in university. The interest rate is 5% and university studies last 3 years. a) Calculate the present value (PV) of each option (CEGEP and University), using the assumptions above and assuming that CEGEP wages grow on average by 1.5% per year and university wages grow by 3%)