(Related to Checkpoint 5.2) (Compound interest with non-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 7 years and earn an annual interest rate of 5 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 10 percent. d. Recalculate part (a) using a time horizon of 14 years at an annual interest rate of 5 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 7 years at an annual interest rate of 5 percent? $ 7035.50 (Round to the nearest cent.) b. What is the future value of $5,000 in a bank account for 7 years at 5 percent compounded semiannually? $ 7064.87 (Round to the nearest cent.) What is the future value of $5,000 in a bank account for 7 years at 5 percent compounded bimonthly? $ 7075.22 (Round to the nearest cent.) c. What is the future value of $5,000 in a bank account for 7 years at an annual interest rate of 10 percent? $ 9743.59 (Round to the nearest cent.) What is the future value of $5,000 in a bank account for 7 years at 10 percent compounded semiannually? $ 9899.66 (Round to the nearest cent.) What is the future value of $5,000 in a bank account for 7 years at 10 percent compounded bimonthly? (Round to the nearest cent.)