a. What is the future value of $4000 in a bank accountfor 7 years at an annual i

a. What is the future value of $4000 in a bank accountfor 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 interestrate of 10%d. Recalculate part (a) using a time horizon of 14 years atan annual interest rate of 5 percent.e. What conclusion can you draw when you compare the answersin parts (c) and (d) with the answers in parts (a) and(b)?