New parents wish to save for their newborn s education and

Last updated: 3/31/2023

New parents wish to save for their newborn s education and wish to have 48 000 at the end of 19 years How much should the parents place at the end of each year into a savings account that earns an annual rate of 5 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 10 years How much interest was earned during the 10th year