Suppose an individual who just graduated from high school has four periods in their working life (t = 1,2,3,4). In this economy, there are three career options: Option 1 Work for four periods. For each period, the salary is Y1. Option 2 Attend community college in the first period and work during the next three periods. It costs C1 in the first period to attend community college. After graduation, the salary is Y2 for each period t = 2,3,4. Option 3 Attend university in the first two periods and work during the third and fourth periods. Attending university costs C2 each period. Upon graduation, the salary is Y3 each period t = 3,4