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 it they pay the first year's tuition. The university will pay an annual rate of retum of 6.5% on the deposited tuition, and a full refund will be available in the child chooses another university. The tuition is expected to be $16,000 a year at Prestigious 18 years from now What would purents pay today 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 the child it the interest rate folis to 2967 What would parents pay today if they just gave birth to a new baby and the child will attend college in 18 years? Pound to the neareste