LAY OUT EACH PROBLEM SOLUTION EXACTLY AS SHOWN BELOW. Sample Problem: At the end of every 6-month period for 15 years, Sally deposits $1,200 into a savings account paying 5% compounded semiannually. Here's how to show your work. Data: 1= 15 years m=2 r= 5% n=30 i = 2.5% R= $1,200 Type 1-A (a) What is Sally's accumulated balance after 15 years? FV = $52,683 (b) How much interest does she earn? interest = $16,683 Data: +- 25 years HERE'S YOUR FIRST ANNUITY PROBLEM: 1. Billy is saving for retirement. He needs $1,200,000 to live comfortably when he stops working in 25 years. The interest rate r = 6.4%. He makes his deposits at the end of each quarter. r-6.4% n &= 1.6% (a) How much money must Billy deposit at the end of each quarter for the next 25 years to reach his retirement goal? 100 (b) Compute the dollar interest Billy accumulates over the 25-year saving period. 2. Nancy buys a house for $640,000. She puts down 20%. The term of her home-mortgage loan is 15 years. Payments are made at the end of each month. The interest rate r = 5.2%. Data: (a) Compute Nancy's monthly payment. (b) Compute the total dollar interest Nancy pays over the life of the mortgage