In the following problem, it is January 1, 2022 and you have $1,200 to invest in a bank paying 8% interest. You are offered the choice of investing it in 4 different ways: in a lump sum earning annual interest in a lump sum earning quarterly interest you can invest it over 3 years earning annual interest (invested at end of year) you can invest it over 3 years earning annual interest (invested at beginning of year)

a. In scenario i, if the bank compounds interest annually, how much will you have in your account on January 1, 2025 (answer format: x,xxx.xx)? \$ b. In scenario ii, what will your January 1, 2025, balance be if the bank uses quarterly compounding (answer format: x,xxx.xx)? \$ c. In scenario iii, suppose you deposit $1,200 in three payments of $400 each on January 1 of 2023, 2024, and 2025. How much will you have in your account on January 1, 2025, based on 8% annual compounding (answer format: x,xxx.xx )? $ d. In scenario iv, how much will be in your account if the three payments begin on January 1, 2022 (answer format: x,xxx.xx)? \$ e. Given the above four investment choices, which choice/scenario results in the highest future value (for your answer, just type in one of the following: i, ii, iii, iv)? Scenario