Question 13 (3.5 points) John and Jane have been saving to pay for their daughter Macy's college education Macy just turned 9 at (t=0), and she will be entering college 9 years from now (at t = 9). 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 9, 10, 11 and 12 To fund the tuition, John and Jane plan to save $15,000 in their college savings account today (at t = 0). Additionally, they plan to save $5,000 in each of the next 3 years (at t= 1, 2, and 3). Then they plan to make 5 equal annual contributions in each of the following years, t= 4, 5, 6, 7 and 8. They expect their investment account to earn 10% How large must the annual payments at t = 4, 5, 6, 7 and 8 be to cover Macy's anticipated college costs? $14,993.59 $9,422.02 $12,127.51 $13,323.61 $10,817.03