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I do not understand why the answer entered CpY = 12, when the question did not state any compounding period. Can you please explain? If

I do not understand why the answer entered CpY = 12, when the question did not state any compounding period. Can you please explain?

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If the fund pays 3.2% interest rate per annum, find the value of the monthly payments made to Mina if she plans to withdraw the money from this annuity over the next 20 years. Give your answer correct to the nearest penny. N = 12 x 20 I = 3.2% PV = 240 000 FV = 0 PpY = 12 CpY = 12 Monthly payments are: 1355.19

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