Please answer the following question. Show working/formula/explanation where needed.

2. Your bank is tight on its liquidity position and has approached you to place $500,000 you have at a credit union to open a savings account at the bank. Determine and compare the future value on this savings of $500,000 for 3 years (N), at 5% per annum, with compounding periods of annual, semi-annual, and quarterly. Which I of the three compounding periods would you try to achieve in your negotiations with the bank, and explain why