​(Comprehensive Problem) Suppose that you are in the fall of your senior year and are faced with the choice of either g

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​(Comprehensive Problem)  Suppose that you are in the fall of
your senior year and are faced with the choice of either getting a
job when you graduate or going to law school. Of​ course, your
choice is not purely financial. ​ However, to make an informed
decision you would like to know the financial implications of the
two alternatives. ​ Let's assume that your alternatives are
as​ follows:  
If you take the​ "get a​ job" route you expect to
start off with a salary of ​$45,000 per year. There is no way to
predict what will happen in the​ future, your best guess is
that your salary will grow at 5 percent per year until you retire
in 43 years. As a law​ student, you will be paying $30,000 per
year tuition for each of the 3 years you are in graduate school.
​ However, you can then expect a job with a starting salary of
$70,000 per year. ​ Moreover, you expect your salary to grow
by 8 percent per year until you retire 36 years later.  ​Clearly,
your total expected lifetime salary will be higher if you become a
lawyer. ​ However, the additional future salary is not free.
You will be paying ​$30,000 in tuition at the beginning of each of
the 3 years of law school. In​ addition, you will be giving up
a little more than ​$141,000 in lost income over the three years of
law​ school: ​$45,000 the first​ year, $47,250 the
second​ year, and ​$49,613 the third year. a. 
To start your analysis of whether to go to
law​ school, calculate the present value of the future
earnings that you will realize by going directly to​ work,
assume a discount rate of 11
percent.
a.  What is the present value of the future earnings that you
will realize by going directly to​ work, assuming a discount
rate of 11 percent?
b.  What is the present value today of your future
earnings if you decide to attend law​ school, assuming a
discount rate of 11 ​percent? Remember that you will be in law
school for 3 years before you start to work as a lawyer.
​ (Hint: assume that you are paid at the end of each year so
that your first salary payment if you decide to go to law school
occurs 4 years from​ now.)
c. If you pay your law school tuition at the beginning of
each​ year, what is the present value of your​ tuition,
assuming a discount rate of 11 ​percent?