3. Consider the equation 15 0.07 S = 1000 (1) Describe a scenario in which Equation (1) is the future value of an account, but do so without using an Annual Percentage Rate. Explain your reasoning, (ii) Describe a scenario, using an Annual Percentage Rate, in which Equation (1) is the future value of the account. Be sure to specify the interest rate, compounding period, and length of the investment. Explain your reasoning (iii) Using your answer from part (ii), what is the effective annual rate of your scenario? You may leave your answer in exact form. Explain your reasoning