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You just received a bonus of $3,000. a. Calculate the futurevalue of $ 3,000, given that it will be held in the bank for 8years and earn an annual interest rate of 3 percent. b. Recalculatepart (a ) using a compounding period that is (1) semiannual and (2)bimonthly. c. Recalculate parts (a ) and (b ) using an annualinterest rate of 6 percent. d. Recalculate part (a ) using a timehorizon of 16 years at an annual interest rate of 3 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 )?
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