(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)? (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)