FIN-320-51008 Principles of Finance Sa Homework: 5-2 MyFinanceLab Assignment Score: 0 of 4 pts 5 of 12 (7 complete) HW Score: 31%, 15.5 of 50 P5-6 (similar to) Question Help (Related to Checkpoint 5.2) (Compound interest with non-annual periods) You just received a bonus of $3,000. a. Calculate the future value of $3,000, given that it will be held in the bank for 5 years and earn an annual interest rate of 7 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 14 percent. d. Recalculate part (a) using a time horizon of 10 years at an annual interest rate of 7 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 $3,000 in a bank account for 5 years at an annual interest rate of 7 percent? (Round to the nearest cent.)