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Calculate the future value

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You just received a bonus of $3000.

a. Calculate the future value of ?$3000 given that it will be held in the bank for 10 years and earn an annual interest rate of 3%.

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 6%.

d. Recalculate part ?(a?) using a time horizon of 20 years at an annual interest rate of 3%.

e. What conclusions can you draw when you compare the answers in parts ?(c?) and (d?) with the answers in parts ?(a?) and ?(b?)?

Reference no: EM132418960

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