Question: please show step by step how to solve #7 and #8 INSTRUCTIONS: The remaining portion of the exam consists of 8 short problems worth a

please show step by step how to solve #7 and #8

INSTRUCTIONS: The remaining portion of the exam consists of 8 short problems worth a total of 52 points. Please write legibly. If I cannot read your writing, I can only assume that it is wrong, Additionally, make sure to show your work to demonstrate your underitanding of the methodology required to solve a given problem and your ability to use the formulas correctly. Please round your answer to two decimal places. 7. What is the future value of $1,575 deposited at the end of each year for 25 years? Assume an interest rate of 6.3 percent compounded annually. ( 5 points) 8. Grace is retiring today and has $300,000 in her retirement savings. She expects to earn 8.5 percent per year compounded monthly. How much can she withdraw from her retirement savings each month if she plans to spend her last penny 17 years from now? ( 8 points)

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