An investment of $12,000 is growing at 5% compounded quarterly.

a. Calculate the maturity value of this investment at the end of year 1.

$

Round to the nearest cent

b. If the interest rate changed to 3% compounded monthly at the end of year 1, calculate the maturity value of this investment at the end of year 4.

$

Round to the nearest cent

c. Calculate the total amount of interest earned from this investment during the 4-year period.

$

Round to the nearest cent