Considering joining prestigious MSF Program

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Bradley Jones, age 23, is considering joining the prestigious MSF Program at llT's Stuart School of Business in fall of 2023. He is trying to figure out if the program is worth the investment -- at least in financial terms. He figures that he will have to pay $45,000 per year tuition in August 2023 and then again in August 2024. He is certain that when he graduates in May 2025 he will be able to command an increase in his salary -- either from his current employer or from another employer -- as a result of the MSF Program.

Assume that Bradley requires a rate of return on his investment of 9.5% per annum and that his first salary increase resulting from his degree will take place in August 2025. Also assume that Bradley expects a 3.5% annual increase in his salary throughout his career and that he will receive forty annual paychecks after graduation, the first of which will be in August 2025.

By how much must Bradley's salary increase in August 2025 to justify his total outlays of $90,000 for tuition?

Reference no: EM133235800

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