(Compound interest with nonannual periods) a. Calculate the future sum of $5,000, given that it will be held in the bank for 8 years at an APR of 4 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 8 percent. d. Recalculate part a using a time horizon of 16 years (the APR is still 4 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 $5,000 in a bank account for 8 years at an APR of 4 percent? $ (Round to the nearest cent.) b. What is the future sum of $5,000 in a bank account for 8 years at an APR of 4 percent compounded semiannually? $ (Round to the nearest cent.) What is the future sum of $5,000 in a bank account for 8 years at an APR of 4 percent compounded bimonthly (every two months)? $ (Round to the nearest cent.) c. What is the future sum of $5,000 in a bank account for 8 years at an APR of 8 percent? $ (Round to the nearest cent.) What is the future sum of $5,000 in a bank account for 8 years at an APR of 8 percent compounded semiannually? $ (Round to the nearest cent.) What is the future sum of $5,000 in a bank account for 8 years at an APR of 8 percent compounded bimonthly (every two months)? $ (Round to the nearest cent.) d. What is the future sum of $5,000 in a bank account for 16 years at an APR of 4 percent? $ (Round to the nearest cent.) e. With respect to the effect of changes in the stated interest rate and holding periods on future sums, which of the following statements is correct? (Select the best choice below.) F O A. An increase in the stated interest rate will increase the future value of a given sum. Whereas, an increase in the length of the holding period will decrease the future value of a given sum. OB. An increase in the stated interest rate will decrease the future value of a given sum. Likewise, an increase in the length of the holding period will decrease the future value of a given sum. O C. An increase in the stated interest rate will decrease the future value of a given sum. Whereas, an increase in the length of the holding period will increase the future value of a given sum. OD. An increase in the stated interest rate will increase the future value of a given sum. Likewise, an increase in the length of the holding period will increase the future value of a given sum