Page' button to ensure that responses to Question 2 Frank plans to retire when he turns 70. Frank has estimated that he requires $45,000 per annum to live comfortably in his retirement. (a) Frank has a family history of good health so he wishes to receive payments forever for himself, and after he dies, for his heirs. If he can invest at 4% per annum, calculate how much Frank needs to invest to provide for his retirement income. 12 marks) (b) Frank is 40 and is using his superannuation fund to save for his retirement. Assume Frank currently has a superannuation fund balance of $115,000. What is the constant annual superannuation contribution Frank must make until retirement to have the amount that he needs to invest to provide for his retirement income (ie, to have the amount that you have calculated in (a) above)? Use 4% as the rate of return on his superannuation fund. [5 marks) Type your answers in the space provided below. Show all workings/calculations. MacBook Pro & 7 9 8 $ 4 % 5 # 3 6 2 T Y W E 70 J G H F D A . s V B . N