Perry is a freshman. He estimates that the cost of tuition, books, room and board, transportation, and other incidentals will be $24,500 this year. He expects these costs to rise about $1500 each year while he is in college. If it will take him 5 years to earn his BS, what is the present cost of his degree at an interest rate of 4%? If he earns an extra $15,000 annually for 40 years, what is the present worth of his degree? a. Select one: o a. Present cost: $121,902; present worth: $244,023 b. Present cost: $96,836; present worth: $253,784 o c. Present cost: $121,902; present worth: $234,638 d. Present cost: $121,902; present worth: $296,892