Question

Precalculus
New parents wish to save for their newborn's education and wish to have $54,000 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 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 after 8 years.
$ _______

How much interest was earned during the 8th year?

$_______

Answer 1

Answer:

A. 13513.44

B. 40486.56

C. 25012.43

D. 1852.77

Step-by-step explanation: