You are 30 years old and are considering full-time study for an MBA degree. Tuition and other direct costs will be $20,000 per year for two years. In addition, you will have to give up a job with a salary of $40,000 per year. However, if you go on for two more years of graduate study, you can increase your earnings to $45,000 per year. Assume a real interest rate of 4% per year and ignore taxes. Also assume that the salary increase is a constant real amount that starts after you complete your degree at the end of the year following graduation and lasts until retirement at age 70. Assume tuition is paid and salary received at the end of the year. Is this a worthwhile investment?
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