1. Jacob needed money for some unexpected expenses, so he borrowed $5,890.25 from a friend and agreed to repay the loan in seven equal installments of $1,250 at the end of each year. The agreement is offering an implied interest rate of:
A) 14.85%
B) 9.57%
C) 11.00%
D) 12.98%
2. Jacob's friend Wilson, has hired a financial planner for advice on retirement. Considering Wilson's current expenses and expected future lifestyle chnages, the financial planner has stated that once Wislon crosses a threshold of $8,452,622 in savings, he will have enough money for retirement. Wilson has nothing saved for his retirement yet, so he plans to start depositing $40,000 in a retirement fund at a fixed rate of 11.00% at the end of each year. It will take _____ years for Wilson to reach his retirement goal.
A) 30.55 years
B) 41.24 years
C) 38.19 years
D) 25.97 years