For #7-9: Starting at age 22, Khalfani invests $1800 monthly in an IRA with an APR of 7% compounded monthly. He wants to be sure that when he retires, his monthly withdrawals will provide his family a good life. 7. How much money will be in Khalfani's retirement account when he retires at the age of 65? a) Match the scenario with the type of the problem that it is: Simple interest problem o Compound interest problem Saving annuity o Payout annuity Loans b) Write the general formula which can be used for this type of calculations: c) Now solve the problem. Show your work and circle (square, highlight, etc.) your final answer. 8. After retiring at age sixty-five, Khalfani wants to be able to take monthly withdrawals from IRA for the next 25 years. If now his account will earn 3% monthly interest, how much will he be able to withdraw each month? a) Match the scenario with the type of the problem that it is: Simple interest problem Compound interest problem o Saving annuity Payout annuity Loans b) Write the general formula which can be used for this type of calculations: c) Now solve the problem. Show your work and circle (square, highlight, etc.) your final answer. 9. After retiring at age sixty-five, Khalfani decides to withdraw from IRA only $10,000 a month for next 25 years and then, if any money will still be on the account, to create a trust fund for his heirs. Assume that his account will earn 3% monthly interest. a) How much money he will withdraw in 25 years? Show your work b) How much money will still be available to create a trust fund? Show your work