$3\mathrm{.}14$ Identify the payment period and compounding period for the

following situations:

$1$ Deposits are made each quarter into an account reserved

for purchasing new equipment two years from now.

The interest rate on the deposits is $12\%$ per year

compounded monthly.

$2$ The Williams family takes a $$10,000$ withdrawal from a

second retirement package each $6$ months to pay

property and income taxes. The funds are invested in

a fixed return annuity that pays $7\%$ per year.