14-44 Auntie Frannie wants to help with tuition for her nieces to attend a private school. She intends to send a check for $14,000 at the end of each of the next 8 years. (a) If general price inflation, as well as tuition price inflation, is expected to average 5% per year for those 8 years, calculate the present worth of the gifts. Assume that the real interest rate will be 3.5% per year. (b) If Auntie Frannie wants her gifts to keep pace with inflation, what would be the present worth of her gifts? Again assume inflation is 5% and the real interest rate is 3.5%