7. Future Value. Upstate University charges $16,000 a year in graduate tuition. Tuition rates are growing at 4.5% each year. You plan on enrolling in graduate school in five years. What is your expected graduate tuition in five years? 13. Present Value. Prestigious University is offering a new admission and tuition payment plan for all alumni. On the birth of a child, parents can guarantee admission to Prestigious University if they pay the first year's tuition. The university will pay an annual rate of return of 4.5% on the deposited tuition, and a full refund will be available if the child chooses another university. The tuition is $12,000 per year at Prestigious University and is frozen at that level for the next eighteen years. What would parents pay today if they just gave birth to a new baby and the child will attendcollege in eighteen years? How much is the required payment to secure admission for their child if the interest rate falls to 2.5%? 18. Interest rate.Two mutual fund managers, Martha and David, have been bragging about whose fund is the top performer. Martha states that investors bought shares in her mutual fund ten years ago for $21.00, and those shares are now worth $65.00. David states that investors bought shares in his mutual fund for only $3.00 six years ago, and now they are worth $7.30. Which mutual fund manager has had the highest growth rate for the management period? Should this comparison be made over different management periods? Why or why not