John and Jane have been saving to pay for their daughter Macy's college education. Macy just tumed 10 at (l=0), and she will be entering college 8 years from now (at t8 ). College tuition and expenses are currently $20.000 a year. but they are expected to increase at a rate of 6% a year. Tuition and other costs will be due at the end of years 8,9,10 and 11 . To fund the tuition, John and Jane plan to save $15,000 in their college savings account today (at 1=0 ). Ndditionally. they plan to save 55,000 in each of the next 3 years (at t=1,2, and 3). Then they plan to make 4 equal annual contributions in each of the following years, 14.5,6, and 7 . They expect their investment account to earn 10%. Hoy large must the annual payments at t 4,5,6 and 7 be to cover Macy's anticipated college costs? $13,323,61 $9,422.02$12,127.51$14.993.59 510.817.03