Charlie has $10,000 to invest for a period of 5 years. The following three alternatives are available to him:

 Account 1 pays 4 percent for year 1, 6 percent for year 2, 8 percent for year 3, 10 percent for year 4, and 12 percent for year 5, all with annual compounding.

 Account 2 pays 12 percent for year 1, 10 percent for year 2, 8 percent for year 3, 6 percent for year 4, and 4 percent for year 5, all with annual compounding.

 Account 3 pays interest at the rate of 7.96294 percent per year for all 5 years.

Based on the available balance at the end of year 5, which alternative is Charlie’s best choice?