3. A company is planning expansion of its facility after five years. It anticipates that (O $500,000 would be needed five years hence to purchase land and construct factory building and $250,000 in the following year to purchase necessary machines. To meet these expenses, the company is planning to set aside an equal amount every quarter from its profits for the next five years. Determine the amount the company must save, if the interest rates during the first three years is 12 % per year compounded quarterly, 12 % per year compounded monthly during the next two years and 12 % per year compounded semi-annually during the last one year