Gabriel and Jahzara are saving for their daughter Jordan's college education. Jordan just turned 10 (at t=0 ), and she will be entering college 8 years from now (at t=8 ). College tuition and expenses at State U. are currently $13,500 a year, but they are expected to increase at a rate of 3.5% a year. Jordan 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, Gabriel and Jahzara have accumulated $12,000 in their college savings account (at t=0 ). Their long-run financial plan is to add an additional $4,000 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 7%. How large must the annual payments at t=5,6, and 7 be to cover Jordan's anticipated college costs? a. $8,295.24 b. $7,401.96 c. $7,752.56 d. $6,917.72 e. $6,252.25