Raul needed money for some unexpected expenses, so he borrowed $4,234.01 from a friend and agreed to repay the loan in four equal installments of $1,250 at the end of each year. The agreement is offering an implied interest rate of . Raul's friend, Nicholas, wants to go to business school. While his father will share some of the expenses, Nicholas still needs to put in the rest on his own. But Nicholas has no money saved for it yet. According to his calculations, it will cost him $30,044 to complete the business program, including tuition, cost of living, and other expenses. He has decided to deposit $4,200 at the end of every year in a mutual fund, from which he expects to earn a fixed 7% rate of return. It will take approximately for Nicholas to save enough money to go to business school