Business, 19.02.2021 16:40 jenkinjack7654
An engineering student has just finished the freshman year and has received an offer of $20,000 per year in a full-time job. with prospects of salary increasing 3 % per year until retirement after 33 years. If employment is taken, the student will likely not finish his engineering degree. Tuition and other costs are $10,000 next year, increasing at 7% per year. A starting salary of $45.000 could be expected upon graduation from the fouryear program. Salary increases in the engineering job are estimated at 4% per year until retirement after 30 years.
Required:
On the basis of economics alone, should the student take the job now or finish college? Analyze as two mutually exclusive alternatives and solve with present worth analysis. Interest rate is 7%.
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