6. Michael wants to have $20,000 in an investment account seven years from now. The account will pay 0.4 percent interest per month. If Michael saves money every month, starting one month from now, how much will he have to save each month? $200.80 7. Intel recently purchased a new office building costing $200 million. The firm financed this purchase at 8.25 percent interest with monthly payments of $1,839,789. How many years will it take the firm to pay off this debt? 8. What is the effective annual rate of 5.25 percent compounded monthly