New parents wish to save for their newborn's education and wish to have $59,000 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 5.7% compounded annually? (Round your answers to two decimal places.) $ 58046.82 x 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? $ Additional Materials eBook [-16 Points] DETAILS TEAFM2 F.3.026. MY NOTES PRACTICE ANOTHER the end of each month if the annual interest rate is A corporation creates a sinking fund in order to have $460,000 to replace some machinery in 8 years. How much should be placed in this account 8.4% compounded monthly? (Round your answers to the nearest cent.) $ How much interest would they earn over the life of the account? $ Determine the value of the fund after 2, 4, and 6 years. 2 years $ 4 years $ 6 years $ How much interest was earned during the second month of the 4th year? $