New parents wish to save for their newborn's education and wish to have $37,000 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 6.9% 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 12 years. $

How much interest was earned during the 12th year? $