The nominal interest rate associated with an ordinary general annuity is 7% compounded annually. Rounded to the

Question:

The nominal interest rate associated with an ordinary general is 7% compounded annually. Rounded to the nearest 0.001%, what is the corresponding periodic rate of interest that matches the payment interval for:
a. Semiannual payments?
b. Quarterly payments?
c. Monthly payments?
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...