Question 5 On January 1, 2007, Frank opened a savings account and made a deposit. Three years later (Jan. 1, 2010) the balance in the account was $21,415.11, and four years later (Jan. 1, 2011) the balance was $23,128.31. Assume Frank did not withdraw any funds from the account. a) What is the account's annual interest rate? (Assume the annual interest rate remained the same throughout the four years) b) What was the amount of Frank's deposit on January 1, 2007? Question 6 I Today is Bob's 32nd birthday. He currently has no retirement savings. He plans to start a retirement account that will earn 4.5% interest per year. He'll make annual deposits into the account, with the first deposit made today and the last deposit made on his 70th birthday. Thereafter, he will retire and have no income from employment. On his 71st birthday, he will withdraw an amount equal to 78% of the employment income that he earned during his last year of employment. Each year thereafter, his withdrawals will grow by 3% per year. His last withdrawal will occur on his 90th birthday. Bob currently earns $95,000 per year from employment, and he believes his income from employment will grow by 1% per year. He will structure his deposits so that they are a constant proportion of his annual income. His last year of employment will be the year of his last deposit (70th birthday). What percentage of his annual income does Bob need to deposit each year in order to fully fund his retirement? Use the provided template and Goal Seek to find the solution