George is working at a job that pays $25,000 a year. He is contemplating getting a two-year degree. It will cost him $5,000 for tuition and books each year and he will not be able to work while attending school. He estimates that his salary will increase by $10,000 per year after completing his education. The interest rate is 10%.
a. If George retires 1 year after getting his degree, should he enroll? Show all work and explain.
b. If George retires 5 years after getting his degree, should he enroll? Show all work and explain.