8. John's current income is $68,000 per year, and he is planning to retire 20 years from now. John expects that his annual income will increase by $2,900 each year. (That is, in the first vear he will...

Pls answer both questions, I will upvote..

Extracted text: 8. John's current income is $68,000 per year, and he is planning to retire 20 years from now. John expects that his annual income will increase by $2,900 each year. (That is, in the first vear he will earn $68,000, in the second year $70,900, in the third year $73,800, and so on.) John plans to deposit only 4% of his annual income into a retirement fund that earns 6% interest compounded daily (365 days in a year). What will be the amount accumulated at the time he retires? Annual effective interest rate is %. (Round to four decimal places.) When Joe retires, the amount accmulated will be $ (Round to the nearest dollar.) 9. Assume you apply for an MBA loan of $14,000 with an interest rate of 12% compounded monthly. You will pay off the loan over 42 months with equal monthly payments. (a) The monthly interest rate is %. (Round to three decimal places.) (b) The amount of the equal monthly payment is $ .(Round to the nearest cent.) (c) The interest payment for the 20th payment is $ (Round to the nearest cent.) (d) The total interest paid over the life of the loan is $ (Round to the nearest dollar.)