Sam is non-binary. Suppose they receive the same salary benefits from graduate degrees as male Canadian engineers (0.7% higher income for a Master's degree, 7.8% higher income from a doctorate, relative to a bachelor's degree). Use an incremental IRR approach to determine Sam's preferred project: stop at a bachelor's degree, stop at a Master's degree, or earn a PhD. Show your work. Note: You may use all numerical/spreadsheet methods, all analytical methods (though the problem may not be tractable), or a mix of numerical and analytical methods. In any case, you need to explain your process, as you are not being marked on your final answer, which may vary by student, but on how you obtained your final answer. Hint: The companion spreadsheet will automatically create a table of the relevant cash flows for you. Even if you are taking a mostly analytical approach, you may find this useful for visualization. Preferred Project: [Show your work]