6. John and Daphne are saving for their daughter Ellen's college education. Ellen just turned 10 at (t = 0), and s

[answerhappygod]

6. John and Daphne aresaving for their daughter Ellen's college education. Ellen justturned 10 at (t = 0), and she will be entering
college 8 years from now (at t = 8). College tuition andexpenses at State U. are currently $14,500 a year, but they are
expected to increase at a rate of 3.5% a year.
Ellen should graduate in 4 years--if she takes longer or wantsto go to graduate school, she will be on her own.
Tuition and other costs will be due at the beginning of eachschool year (at t = 8, 9, 10, and 11).
So far, John and Daphne have accumulated $15,000 in theircollege savings account (at t = 0).
Their long-run financial plan is to add an additional $5,000 ineach of the next 4 years (at t = 1, 2, 3, and 4).
Then they plan to make 3 equal annual contributions in each ofthe following years, t = 5, 6, and 7.
They expect their investment account to earn 9%.
How large must the annual payments at t = 5, 6, and 7 be tocover Ellen's anticipated college costs?