Diego and Sydney are saving for their daughter Kiara's college education. Kiara just turned 10(att=0), and she will be entering college 8 years from now (att=8 ). College tuition and expenses at State U. are currently $16,500 a year, but they are expected to increase at a rate of 4.5% a year. Kiara should graduate in 4 years--if she takes longer or wants to go to graduate school, she will be on her own. Tuition and other costs will be due at the beginning of each school year ( at t=8,9,10, and 11). So far, Diego and Sydney have accumulated $13,000 in their college savings account (at t=0 ). Their long-run financial plan is to add an additional $5,000 in each of the next 4 years (at t=1,2,3, and 4 ). Then they plan to make 3 equal annual contributions in each of the following years, t=5,6, and 7 . They expect their investment account to earn 10%. How large must the annual payments at t=5, 6 , and 7 be to cover Kiara's anticipated college costs? a. $5,894.33 b. $9,314.74 c. $8,467.94 d. $7,616.27 e. $6,923.88