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How do I turn wav file (from Zoom) into MP3 file in iTunes?

I hope this is the right place to post this!

I'm quite the newbie and just figured out how to transfer files from my new Zoom H4n onto my laptop. The original wav file is saved in my computer but when I put a copy into iTunes, I thought it would automatically transform it into an MP3 file - but not so. How can I turn it into a MP3 file so that it will take up less space and can be emailed more quickly (and opened up on the receiving end more quickly)?

Thanks very much!