Jim makes a deposit of $$12,000$ in a bank account. The deposit is to earn interest compounded annually at the rate of $6$ percent for seven years. $($LO $3\mathrm{.}3).$ How much will Jim have on deposit at the end of seven years? $($Hint: What is future value?$)$ Assuming the deposit earned a $6$ percent rate of interest compounded quarterly, how much would he have at the end of seven years?