New parents wish to save for their newborn's education and wish to have $45,000 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 4.8% 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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A: Computation:

Q: What lump sum do parents need to deposit in an account earning 10%, compounded monthly, so that it…

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