You are 30 years old today and are considering studying for an MBA. You have just received your annual salary of $50,000 which you expect will grow by 3% per year. MBAs typically earn $80,000 upon graduation with salaries growing by 4% per year. The MBA program youre considering is a full-time, 2-year program that costs $30,000 per year, payable at the end of each study year. You want to retire on your 65^th birthday. The relevant discount rate is 8%. Is it worthwhile for you to quit your job in order to earn an MBA? (Ignoring taxes.)

Use Excel formulas.