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(Compound interest with nonannual periods) a. Calculate the future sum of $5,000, given that it will be held in the bank for 5 years at

(Compound interest with nonannual periods)

a. Calculate the future sum of $5,000, given that it will be held in the bank for 5 years at an annual interest rate of 6 percent.

b. Recalculate part (a) assuming the interest rates is (1) an APR of 6 percent compounded semiannually and (2) an APR of 6 percent compounded bimonthly.

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