Than and Kennedy are saving for their daughter Chloe's college education. Chloe just tumed 10(att0), and she will be eafering college 8 years from now (at t8). Dollege tuition and expenses at State U. are currently $4.000 a year, but they are expected to increase at a rate of 35% a ypar. Chloe should graduate in 4 years-if she take onger 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 (att =8,9, to, and 11). neat 4 yeurs (at t=1,2,3 and 4 ). Then they pian to make 3 egual aninual contributions in each of the following years, 5. 6 , and 7 . They expect their investment accotat to varn 9\%. How large must the annual payments att 5,6, atid 7 be to cover Chloe's anticipated college coide? a. 55,407.07 4. 4.17222 E37572540 A. 15 7 7 -. 4454712