Suppose Carl’s wage-schooling locus is given byYears of Schooling           Earnings 9                                         $18,500 10                                       $20,350 11                                       $22,000 12                                       $23,100 13                                       $23,900 14                                       $24,000Derive the marginal rate of return schedule. When will Carl quit school if his discount rate is 4 percent? What if the discount rate is 12 percent?

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