Homework: Chapter 3-TVOM Save Score: 0 of 1 pt 8 of 12 7 complete) HW Score: 56.67%, 6.8 of 12 pts B3-13 (book/static) Question Help 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 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 expected to be $12,000 a year at Prestigious 18 years from now. What would parents pay today if they just gave birth to a new baby and the child will attend college in 18 years? How much is the required payment to secure admission for their child if the interest rate fails to 2.5%? What would parents pay today if they just gave birth to a new baby and the child will attend college in 18 years? (Round to the nearest cent)