You just received a bonus of $3,000.

a.  Calculate the future value of $3 comma 000, given that it will be held in the bank for 5 years and earn an annual interest rate of 6 percent.

b.  Recalculate part (a) using a compounding period that is(1) semiannual and (2) bi-monthly.

c.  Recalculate parts (a) and (b) using an annual interest rate of 12 percent.

d.  Recalculate part (a) using a time horizon of 10 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)?