Jack and Leo only live for two periods. They earn $20,000 per period if they do...
Jack and Leo only live for two periods. They earn $20,000 per period if they do not go to college. However, they could earn $47,500 in the second period providing that they go to college in the first period, paying $5,000
Leo's discount rate-5%
Jacks discount rate- 15%
Who finds it optimal to go to college? Jack or Leo?
A)Neither of them.
B)Leo.
C) Both of them.
D)Jack
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