12 (9 complete) P5-6 (similar to) (Related to Checkpoint 5.2) (Compound interest with non annual periods) You just received a bonus of $1,000. a. Calculate the future value of $1,000, given that it will be held in the bank for 10 years and earn an annual interest rate of 8 percent. b. Recalculate part (a) using a compounding period that is (1) semiannual and (2) bimonthly c. Recalculate parts (a) and (b) using an annual interest rate of 16 percent. d. Recalculate part (a) using a time horizon of 20 years at an annual interest rate of 8 percent. e. What conclusions can you draw when you compare the answers in parts (c) and (d) with the answers in parts (a) and (b)? a. What is the future value of $1,000 in a bank account for 10 years at an annual interest rate of 8 percent? $2158.9 (Round to the nearest cent.) b. What is the future value of $1,000 in a bank account for 10 years at 8 percent compounded semiannually? (Round to the nearest cent.) Enter your answer in the answer box and then click Check Answer 6 parts remaining Type here to search #D Clear All