Question: 2. a) Determine I, the interest rate per compounding period as a decimal, and n, the number of compounding periods for each annuity. [3 marks)

2. a) Determine I, the interest rate per compounding period as a decimal, and n, the number of compounding periods for each annuity. [3 marks) Time of payment Length of annuity Interest rate per year 3% 9% 7 years 12 years Frequency of compounding Annually Semi-annually End of each year End of every 6 months End of each quarter End of each month 8 years 2.4% Quarterly 5 years 18% Monthly b) Find the amount of each annuity. (4 marks)

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