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CALCULATOR EXERCISE - FINANCE Name: Use the annuity formula, A = Px 71 to solve the following problem. r 11 5) Billy deposits money on a regular basis into an account that earns 2.5% APR compounded bi-monthly for 11 years. a) How much would he need to deposit bi-monthly if he wanted a future value of $12, 2002 b) What is the future value of Billy's account if he deposits $60 into the account bi- monthly? c) If this account was compounded semi-annually instead of bi-monthly, which is the better deal