You are 30 today and are considering studying for an MBA. You just received your annual salary of $45,000 and expect it to grow by 3% per year. MBAs typically earn $65,000 upon graduation, with salaries growing by 4% per year. The MBA program you’re considering is a full-time, 2-year program that costs $30,000 per year, payable at the end of each study year. You want to retire on your 65th birthday. What is the internal rate of return of the MBA?