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New parents wish to save for their newborn's education and wish to have $35,000 at the end of 18 years. How much should the parents

New parents wish to save for their newborn's education and wish to have $35,000 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 5.4% 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 12 years.

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