Michael and Hailey are saving for their daughter Nylah's college education. Nylah just turned 10 (at t = 0), and she wil

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Michael and Hailey are saving for their daughter Nylah's collegeeducation. Nylah just turned 10 (at t = 0), and she will beentering college 8 years from now (at t = 8). College tuition andexpenses at State U. are currently $13,000 a year, but they areexpected to increase at a rate of 4.5% a year. Nylah shouldgraduate in 4 years--if she takes longer or wants to go to graduateschool, she will be on her own. Tuition and other costs will be dueat the beginning of each school year (at t = 8, 9, 10, and11).So far, Michael and Hailey have accumulated $14,000 in theircollege savings account (at t = 0). Their long-run financial planis to add an additional $5,500 in each of the next 4 years (at t =1, 2, 3, and 4). Then they plan to make 3 equal annualcontributions in each of the following years, t = 5, 6, and 7. Theyexpect their investment account to earn 8%. How large must theannual payments at t = 5, 6, and 7 be to cover Nylah's anticipatedcollege costs?