John makes a deposit of $12,000 in a bank at 6% Compound Interest annually, for 7 years.

a) At the end of 7 years, how much John will have in his bank account?

b) Suppose that deposit earned 9% interest compounded quarterly, how much John will have at the end of 7 years?

c) E.A.Y in first case is,

d) E.A.Y in second case is,

Formula for E.A.Y is, Effective Annual Yield = (FV - PV) / PV