Your friend is considering investing in a two$-$year MBA program. Tuition costs will be $$60,000$ for two years while living expenses will be $$25,000$ per year. She has $$10,000$ in savings, which she can spend on her education, and will need to borrow the rest from her bank. Her annual loan repayment will be $$10,500.$ She currently works as an analyst and makes $$60,000$ a year; after she gets her degree she hopes to work as a manager for $$150,000$ a year.

Refer to the six$-$step procedure provided in Figure $1\mathrm{.}1($Textbook page $24)$ to answer these questions:

$($a$)$ How should your friend formulate her problem?

$($b$)$ What are her projected costs? $($Identify all costs$)$

$($c$)$ Suggest alternatives to your friend to reduce the uncertainty associated with finding a highincome job to pay off her loan

$($d$)$ Select a criterion for discriminating among alternatives, and use it to advise your friend on which course of action to pursue.

$($e$)$ Attempt to analyze and compare the alternatives in view of at least one criterion in addition to cost$.$

$($f$)$ What should your friend do base on the information you and she have generated?