Rachael Berry, freshman horticulture major at the University of Minnesota, has some financial questionsfor the next three years of school and beyond. a. If Rachael’s tuition, fees, and expenditures...

Rachael Berry, freshman horticulture major at the University of Minnesota, has some financial questionsfor the next three years of school and beyond.

a. If Rachael’s tuition, fees, and expenditures for books this year total $12,000, what will they beduring her senior year (three years from now), assuming costs rise 4 percent annually?

b.Rachael is applying for a scholarship currently valued at $5,000. If she is awarded it at the endof next year, how much is the scholarship worth in today’s dollars, assuming inflation of 3percent?