New parents wish to save for their newborn's education and wish to have $60,000 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 5.2% 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? $