(12 pts) 8. The Jacksons are planning for their daughter's education. She is two years old and will start college in 16 years. How much will they have to set aside each year, beginning one year from today to have $500,000 when she starts college, if the interest rate is 8 percent? How much will the daughter be able to withdraw from the account each of her four years in college? On June 15, Wilkins bought a boat for $200,000. He paid $50,000 in cash at time of the purchase and agreed to pay the balance in four equal annual installments that include both the principal and 10 percent interest on the declining balance. Required: (12 pts) 9. a) Determine the amount of the annual payment. a) Determine the total dollars of interest that Wilkins will pay for this loan. b) Determine the amount of interest that is included in the first payment. It is not necessary to complete an amortization schedule