New parents wish to save for their newborn's education and wish to have $20,000 at the end of 16 years. (Round your answers to two decimal places.)

A) How much should the parents place at the end of each quarter into a savings account that earns an annual rate of 7.8% compounded quarterly?

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B) How much (total) interest would they earn over the life of the account?

C) How much would be in the account after 7 years?

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