Jack and Jill have both started new jobs after graduating from college at age 22. They both plan to retire at age 62. Jill begins saving for retirement during her first year by putting $4,000 per year in a retirement account. Jack waits for 10 years to begin saving for retirement. They each expect to earn an average annual return of 8%. How much will each have in their retirement accounts when they retire? If they expect to live for 25 years after retirement, how large of an annual annuity may each withdraw from the account if they would like an equal payment during each year of retirement and would like to use all of their retirement savings for this purpose? They estimate they will continue to earn 8% during retirement.