4.

(Related to Checkpoint 5.2) (Compound interest with non-annual periods) You just received a bonus of $3,000. a. Calculate the future value of $3,000, given that it will be held in the bank for 9 years and earn an annual interest rate of 6 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 12 percent. d. Recalculate part (a) using a time horizon of 18 years at an annual interest rate of 6 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)