Your grandmother just gave you $7,000. You'd like to see what it might grow to if you invest it. a. Calculate the future value of $7,000, given that it will be invested for 5 years at an annual interest rate of 4%. b. Recalculate part (a) using a compounding period that is semiannual (every six months). c. Now let's look at what might happen if you can invest the money at an annual rate of 8% rate rather than a 4% rate; recalculate parts (a) and (b) for an annual interest rate of 8%. d. Now let's see what might happen if you invest the money for 12 years rather than 5 years, recalculate part (a) using a time horizon of 12 years (annual interest rate is still 4%) Click on the table icon to view the FVIF table a. Calculate the future value of $7,000, given that it will be invested for 5 years at an annual interest rate of 4%. If you invest for 5 years at 4% annually, the future value is $ 8519. (Round to the nearest cent.) b. Recalculate part (a) using a compounding period that is semiannual (every six months). If you invest for 5 years at 4% compounded semiannually, the future value is $. (Round to the nearest cent.)