You decide to begin saving towards the purchase of a new car in 5 years.

a) If you put $1,000 at the end of each of the next 5 years in savings account paying 6% compounded annually, how much will you accumulate after 5 years?

b) What would be the ending amount if the payments were made at the beginning of each year?

c) What would be the ending amount if $500 payments were made at the end of each 6 months period for 5 years and the account paid 6% compounded semiannually?