2. a) Determine 1, 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% Frequency of compounding Annually Semi-annually End of each year 7 years End of every 6 12 years months End of each 8 years quarter End of each month 5 years 2.4% Quarterly 186 Monthly [4 marks) b) Find the amount of each annuity