(Compound interest withnon-annual periods) You just received a bonus of $5,000.

a.Calculate the future value of $5,000, given that it will be held in the bank for 10 years and earn an annual interest rate of 4 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 8 percent.

d.Recalculate part (a) using a time horizon of 20 years at an annual interest rate of 4 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 $5,000 in a bank account for 10 years at an annual interest rate of 4 percent? (Round to the nearestcent.)