It is a good question as it allows you to see the pattern.
The exponent will be the number of compounding intervals over 12 years:
1200 ( 1+ 0.095/1 ) ^ 1*12
1200 ( 1+ 0.095/2 ) ^ 2*12
1200 ( 1 + 0.095/4 ) ^ 4*12
1200 ( 1 + 0.095/365) ^ 365*12
Notice that I intentionally added /1 and 1* in the first equation to see the common pattern.
With each equation you will get the better outcome, and when compounding is continuous - you will get the most.
But the equation for continuous case is out of the pattern and involves the famous number e.
Keeping the pattern, you could say that if you continue to increase number of compounding intervals per year (let it be N) and then take a limit when N->Infinity
1200 (1 + 0.095/N) ^ N*12
The formula becomes PERT: P*e^rt
1200 * e^0.095*12
