John and Jane have been saving to pay for their daughter Macy's college education. Macy just turned 9 at (1-0), 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 1-0). 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 cam 10%. How large must the annual payments at t 4, 5, 6, 7 and 8 be to cover Macy's anticipated college costs? $10,817.03 $14,993.59 $12,127.51 $9,422.02 $13.323.61