A professor has two daughters that he hopes will one day go to college. Currently, in-state students at the local University pay about $22,291.00 per year (all expenses included. Tuition wit increase by 3.00% per year going forward. The professor's oldest daughter, Sam, will start college in 16 years, while his youngest daughter, Elie, will begin in 18 years. The protessor is saving for their college by putting money in a mutual fund that pays about 7.00% per year. Tuition payments are at the beginning of the year and college will take 4 years for each girl, (Sam's first tuition payment will be in exactly 16 yoars) The professor has no llision that the state lottery funded scholarship will still be around for his girls, so how much does he need to deposit each year in this mutual fund to successfuly put each daughter through college. (ASSUME that the money stays invested duting college and the professor will make his last deposit in the account when Sam, theOLDEST daughter, starts college.) Answer format: Currency: Aound to: 2 decinal places. A basoball player is offered a 5 -year contract that pays him the following amounts: Yoar 1: $1.34 millon Year 2.$1.98 minion Year 3:52.06 milion Yoar 4: $2.62 malion Year 5: $3.18 milion Under the tems of the agreement all payments are made at the end of each year. Instead of accepting the contract, the baseball player asks his agent to negotiate a contract that has a present valie of $1.53 milion more than that which has been offered. Moreover, the player wants to receve his payments in the form of a 6 -year ANNUTTY DUE. Al cash flows are dacounted at 12.00 percent if the feam were to agree to the player's terms. What would be the player's annual: salary in malions of doliars?? Gxpress answer in milons. $1,000,000 woud be 1,00 )