Please answer all the questions with steps, thank you so much !!!!

3. Suppose the wage-schooling locus for Wong and Carpenter is given by Wong's earnings $18,500 $20,350 $22,000 $23,100 $23,900 $24,000 Carpenter's earnings $20,500 $23,350 $26,000 $28,100 $29,900 $31,000 Years of schooling 10 12 13 14 a. Derive the marginal rate of return schedule for both workers. b. When will Wong quit school if his discount rate is 3 percent? What if the discount rate is 9 percent? years of schooling and the earnings for Wong and Carpenter? earnings. What is the rate of return calculated from this information? c. Suppose the discount rate for both Wong and Carpenter is 4 percent. What would be the d. What we observe in the data is the years of schooling of Wong and Carpenter and their realized