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Peter lives for three periods. He is considering three alternative education-work options. He can start working right away, earning $100,000 in period 1, $110,000 in period 2, and $90,000 in period 3.Alternatively, he can go to college in period 1 spending $50,000 in that period on books and tuition, and then earn $180,000 in periods 2 and 3. Finally, he can get a doctoral degree after completing his BA (in year1). This last option will cost him nothing in year 2 (books and tuition are covered by research assistant position). After getting his doctorate, he will become a professor and earn $400,000 (this is ridiculous and fictitious - just so you know!) in period 3.
a) If Peter's discount rate is 0.20, which option will he choose?
b) Why is it realistic that Peter's wage for option one decreases to $90,000 in year 3?
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