New parents wish to save for their newborn's education and wish to have $58,000 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 4.4% 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?
$