A couple plans to borrow $500 each year for the next two years to cover Christmas expenses. Due to rising costs, they plan to borrow $5,500 3 years from now, $600 next year, and $650 the year after that. However, due to the age of their children, they expect to only have to ask for $300 per year after that date. Calculate (a) the present value and (b) the uniform annual cost equivalent to the disbursements for a total of 15 years using an interest rate of 13% per year.