Jim starts going to college at the age of 18. He will spend five years at college and at the beginning of each college year he is to pay $13,200. If the annual savings rate is 8.7%, how much do his parents have to save annually at the end of each year until Jim enters the college so that he does not have to take on any debt during his college years? A Below $1,400 O B. Between $1,400 and $1,500 C. Between $1,500 and $1,600 D. Between $1,600 and $1,700 E. Between $1,700 and $1,800 F. Between $1,800 and $1,900 G. Between $1,900 and $2,000 H. Above $2,000