a. Calculate the future value of $1,000, given that it will be held in the bank for 6 years and earn an annual interest rate of 3 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 6 percent. d. Recalculate part (a) using a time horizon of 12 years at an annual interest rate of 3 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 6 years at an annual interest rate of 3 percent? $ 1194.05 (Round to the nearest cent.) b. What is the future value of $1,000 in a bank account for 6 years at 3 percent compounded semiannually? $ (Round to the nearest cent.)