(Compound interest with nonannual periods) a. Calculate the future sum of $7,000, given that it will be held in the bank for 5 years at an APR of 5 percent. b. Recalculate part a using compounding periods that are (1) semiannual and (2) bimonthly (every two months). c. Recalculate parts a and b for an APR of 10 percent. d. Recalculate part a using a time horizon of 10 years (the APR is still 5 percent). e. With respect to the effect of changes in the stated interest rate and holding periods on future sums in parts c and d, what conclusions do you draw when you compare these figures with the answers found in parts a and b? a. What is the future sum of $7,000 in a bank account for 5 years at an APR of 5 percent? $ 8933.97 (Round to the nearest cent.) b. What is the future sum of $7,000 in a bank account for 5 years at an APR of 5 percent compounded semiannually? $ (Round to the nearest cent.)