Today is January 30th, 2021, and you want to put $100,000 of your savings in a bank account for six years. You have the following options:

Option 1: You can invest it in an account that pays 7% p.a. compounded annually.

Option 2: You can invest it in an account that pays 6% p.a. compounded semi-annually.

Option 3: You can invest it in an account that pays 4% p.a. compounded quarterly.

Show all working and how much you would earn from choosing option 1, option 2, and option 3. Which option would you choose and why?