The future value of a lump sum at the end of five years is $1,000. The nominal interest rate is 10 percent and interest is compounded semiannually. Which of the following statements is most correct? The present value of the $1,000 is greater if interest is compounded monthly rather than semiannually. The effective annual rate is greater than 10 percent. The periodic interest rate is 5 percent. Both statements b and care correct. O All of the statements above are correct