Land values are increasing at an annual compound rate of $12\%$ per year $($annum$).$ A parcel of land has a current value of $$500,000.$ What will the land be worth in five years?

A$)$ $$3,176,423\mathrm{.}68$

B$)$ $$897,928\mathrm{.}16$

C$)$ $$7,958,563\mathrm{.}26$

D$)$ $$881,170\mathrm{.}84$

Please show your working and explain the process.