More fun with IRR. Refer to Table 5.3 about the payouts available at different jobs. a. Find
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More fun with IRR. Refer to Table 5.3 about the payouts available at different jobs.
a. Find the IRR for becoming an ophthalmologist as opposed to a professional sports star. Compare your result with the IRR from the previous exercise and interpret this difference in terms of the concept of patience.
b. Find the IRR for becoming an accountant as opposed to an ophthalmologist. How can you interpret a negative IRR?
c. The IRR for becoming an accountant as opposed to a starving artist is infinite.
Explain why this makes sense.
d. Does the NPV of salaries in the various professions tell you everything you need to know about picking a career? What does this calculation leave out?
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