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New parents wish to save for their newborn's education and wish to have $52,000 at the...

New parents wish to save for their newborn's education and wish to have $52,000 at the end of 16 years. How much should the parents place at the end of each year into a savings account that earns an annual rate of 8.6% compounded annually? (Round your answers to two decimal places.)

$  

How much interest would they earn over the life of the account?
$  

Determine the value of the fund after 8 years.
$  

How much interest was earned during the 8th year?
$  

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