Create a timeline in Excel for her current situation, as well as for the certification program and MBA degree options, using the following assumptions:

Salaries for the year are paid only once, at the end of the year.

The salary increase becomes effective immediately after she graduates from the MBA program or is certified. That is$,$ because the increases become effective immediately, but salaries are paid at the end of the year, the first salary increase will be paid exactly one year after graduation or certification.

Calculate the present value of the salary differential for completing the certification program. Subtract the cost of the program to get the NPV of undertaking the certification program.

Calculate the present value of the salary differential for completing the MBA degree. Calculate the present value of the cost of the MBA program. Based on your calculations, determine the NPV of undertaking the MBA.

Based on your answers to Questions $3$ and $4,$ what advice would you give to Natasha? What if the two programs are mutually exclusive? $($That is$,$ if Natasha undertakes one of the programs, there is no further benefit to undertaking the other program.$)$ Would your advice be different?