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New parents wish to save for their newborn's education and wish to have $49,000 at the end of 16 years. How much should the parents

New parents wish to save for their newborn's education and wish to have$49,000at the end of16years. How much should the parents place at the end of each year into a savings account that earns an annual rate of4.8%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 after9years.

$

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