Mirna : I hope she … by July next year.
True answer:
Will have graduated
Timepiece “by July next year”. shows that the sentence is patterned the future perfect. This pattern is S + shall/will + have + verb 3 or past participle. The sentence with the Future Perfect expresses an action that started in the past and will be finished in the future. Mirna hopes that her sister will have graduated from school, not next July.