18. 3.18 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 2 years from now. The interest rate on the deposits is 12% per year compounded monthly.
2. Cash from sales at a small hardware store is deposited daily into an account that pays interest of 8% per year compounded semiannually.
3. Payroll deductions of $100 per week are made into an investment account that pays interest of 6% per year compounded quarterly.