Next question Present value Prestigious University in 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 5% on the deposited tuition, and a full refund will be available the child chooses another university. The tuition is expected to be $18,000 a year at Prestigious 18 years from now. What would parents pay today if they jutgave birth to a new baby and the child will attend college in 18 years? How much is the required payment to secure admission for the child of the interest rate falls 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.)