1. Explain the concept of the time value of money and how it is related to the opportunity costs of a college education, both while attending college and after graduation.
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3. From time to time, a flat income tax has been proposed by various politicians at both the state and federal levels (e.g., in Arizona a flat income tax was proposed in a legislative session in 2011). The concept is that there would be few or no exemptions and that all would therefore be carrying their fair, equitable tax burden. What do you feel concerning such a proposal? Provide at least two references to support your position.