a). Timeline for early move & in-state tuition:
Timeline for out-of-state tuition:
b). IRR for the early move and in-state tuition = 21.58%
c). IRR for out-of-state tuition = 1.09%
(IRR calculated using cash flows and IRR function)
Year (n) | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | IRR | |
Early move & in-state tuition | Cash flow | (24,000) | (12,000) | (12,000) | (12,000) | (12,000) | - | 70,000 | 70,000 | 70,000 | 21.58% |
Out of state | Cash flow | - | (50,000) | (50,000) | (50,000) | (50,000) | - | 70,000 | 70,000 | 70,000 | 1.09% |
Note: Tuition fee is paid at the beginning of the year while Ben will be paid salary at the end of the year so there will be a 2-year gap from year 4 to year 6 when there is no cash flow.
d). Ben should opt for the early move and in-state tuition since the IRR is much higher compared to the out-of-state tuition scenario.
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