You can save $ 1,500 each year in saving account that pays 4% interes quarterly. How much will you have in 5 year? What if interest was compounded semi annual? What is interest was compund annual?
amount at 4% compounded quarterly
= 1500(1.01)^20
= ..
amount at 4% compounded semi-annually
= 1500(1.02)^10
= ..
amount at 4% per annum
= 1500(1.04)^5
= ...