Future Value

a. What is the future value of $4,000 in a bank account for 7 years at 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%d. Recalculate part (a) using a time horizon of 14 years at an annual interest rate of 5 percent.e. What conclusion can you draw when you compare the answers in parts (c) and (d) with the answers in parts (a) and (b)?