23. SAVING FOR COLLEGE Barbara Funicello hopes to go to a private college where tuition is $22,500 per year. She believes that tuition will increase at 8% for the 4 years until she plans to enter...

Extracted text: 23. SAVING FOR COLLEGE Barbara Funicello hopes to go to a private college where tuition is $22,500 per year. She believes that tuition will increase at 8% for the 4 years until she plans to enter college. Find the end-of-quarter payments needed to accumulate funds to pay the first year's tuition if funds earn 6% compounded quarterly. Round to the nearest dollar.