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Suppose there are five periods in the world, annual interest rate is 4%. Marty just graduated from college and is trying to figure out if he should go to medical school. If he chooses not to go to medical school, he can start working immediately and earns $70,000 each period. If he chooses to pursue medical school, he enrolls in medical school for one period and pays the tuition cost of $240,000. In the second period, he is a medical resident and earns $50,000. In the last three periods, he earns $200,000 each period.
a) What is the present value of going to medical school (PVS)? Write out the formula with the correct values plugged in and solve for a numerical solution.
b) What is the present value of not going to medical school (PV0)? Write out the formula with the correct values plugged in and solve for a numerical solution.
c) If Marty's goal is to maximize his financial payout, should he go to medical school? Explain.
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