3- Robert Blanding's employer offers its workers an optional two-month unpaid vacation after 7 years of service to the firm. Robert, who just started working for the firm, plans to spend his vacation touring Europe at an estimated cost of $24,000. To finance his trip, Robert plans to make an annual deposit of $2,500 into a savings account at the end of each of the next seven years (the first deposit will occur one year from today). The account pays 8% annual interest. a. Will Robert's account balance in seven years be enough to pay for his trip? b. Suppose Robert increases his annual deposit to $2,700. How large will his account balance be in seven years? 4 You plan to invest $2,000 in an individual retirement arrangement (IRA) today that pays a stated annual interest rate of 8 percent, which is expected to apply to all future years. How much will you have in the account at the end of 10 years if interest is compounded as follows? (1) Annually (2) Semi-annually (3) Monthly