If $$3,500$ is placed in an account that earns a nominal $7\mathrm{.}5\%,$ compounded annually, what will it be worth in $12$ years?

$3$ Bank X offers a savings account that pays a stated $($or quoted$)$ rate of $7\%.$

Bank Y offers a savings account that pays a stated $($or quoted$)$ rate of $7\%.$

Bank Z offers a savings account that pays a stated $($or quoted$)$ rate of $7\%.$

Bank A offers a savings account that pays a stated $($or quoted$)$ rate of $7\%.$

Bank B offers a savings account that pays a stated $($or quoted$)$ rate of $7\%.$

However, each bank compounds interest paid on the account differently.

Bank X pays semi$-$annually.

Bank Y pays monthly.

Bank $Z$ pays annually.

Bank A pays weekly.

Bank B pays quarterly.

If you want to save money in one of these banks, which do you pick? The one that compounds:

a$.$ semi$-$annually

b$.$ monthly

c$.$ quarterly

d$.$ weekly

e$.$ annually

f$.$ it does not make a difference because they all pay $7\%$