Question 2: You and a friend were discussing retirement plans and options. As such, you decided to perform few analyses. Both of you are 23 years old. You can put aside $8,400 per year. Your friend can set aside $6,000 per year. Per the competitiveness in the market, you both expect to generate an average of 12.5% per year. Address the following: a. How much will each of you have in your retirement account by the age of 65? Assume a monthly compounding and interest accrue at the end of the monthly cycle. b. How much did each of you put into the account? How much was the interest earned over the period? c. By how much more was your retirement account more than your friends? d. How much will each of you have in your retirement account by the age of 65? Assume a monthly compounding with interest accruing at the beginning of the month. Please show work.