Assuming a 12% annual interest rate, determine the present value of a five-period annual annuity of $5,000 under each of the following situations:
1. The payments are received at the end of each of the five years and interest is compounded annually.
2. The payments are received at the beginning of each of the five years and interest is compounded annually.
3. The payments are received at the end of each of the five years and interest is compounded quarterly.