Two parents plan to pay their child's college tuition starting $17$ years from now. The college duration is three years, and the current annual cost is $$11000$ per year. The couple expects this cost to rise at an annual rate of $6\%.$ In their planning, the parents assume that they can earn $7\%$ annually. How much should the parents save each year starting next year, if they plan to make $16$ equal payments?

Answer:?

provide FV$,$ PV$,$ PMT$,$ Nper, Rate and the solution.

Please explain how the solution was conducted. Kindly breakdown how the solution was made.