Today is 1 January 2020. Mike is planning to deposit $5,000 at the beginning of each year into a bank account from 1 January 2020 to 31 December 2024 (The first deposit will be made today and there are 5 annual deposits of $5,000) (a) If the effective annual rate is 3.75%, calculate the future value of these 5 annual deposits of $5,000 on 31 December 2024 (i.e., 5 years from today). Round your results to two decimal places. (b) If the nominal annual rate is 4.25% compounded quarterly, calculate the future value of these 5 annual deposits of $5,000 on 31 December 2024 (i.e., 5 years from today). Round your results to two decimal places.

Please provide clear instructions and formula. Thanks.