4. [-74 Points] DETAILS TEAFM2 F.3.022. MY NOTES New parents wish to save for their newborn's education and wish to have $49,000 at the end of 18 years. How much should the parents place at the end of each year into a savings account that earns an annual rate of 7.7% 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? Additional Materials eBook Submit