Purely on the basis of financial considerations, calculate the present value of a graduate (Masters) degree from ITU. You may assume the following: (15)

a. It takes 2 full years (6 trimesters) for completion of the degree program.

b. You may assume any representative rate of tuition per unit that doesnt change for the 2 years duration. You can assume that you can borrow money for the tuition at the rate of 8% p.a.

c. You may consider (for the present value calculations purpose) 3 years of full time job at some representative annual salary (you can use annual salary for calculation instead of monthly.) received at the end of 3^rd, 4^th and 5^th years.

d. Assume the discounting rate to be the same as rate of borrowing (8%).