Tom has just graduated from college and is deciding on a career. His three career options, along with his salary in each of the 3 earning periods, are displayed in the following table. Assume that each career only lasts 3 periods before retirement.

Salary Occupation Period 0 Period 1 Period 2

Ophthalmologist 2 10 15

Accountant 3 8 10

Soccer player 12 3 0

(a) Find the internal rate of return (IRR) for Tom to become an ophthalmologist as opposed to an accountant.

(b) Find the IRR for Tom to become an ophthalmologist as opposed to a soccer player.