QUESTION #1 Ms. Taylor is 20 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 $60,000 in each of next 45 years. (b) Enroll in a PhD program, complete in 4 years, and subsequent work for 41 years, earning each year the salary of $140,000. Assume that her annual net educational expenses at the end of each of next 4 years will be $10,000. Also, assume that the relevant annual interest rate is 5% throughout, and all the annuities in the question are ordinary annuities. Based on the above information, find the implied or imputed monetary value of her PhD as of now