(Compound interest with non-annual periods) You just received a bonus of $2,000.

a. Calculate the future value of$2,000,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)?