Effective interest rate. State the rate per period and the number of periods in the following

Effective interest rate. State the rate per period and the number of periods in the following:

a. 12% per year, for 5 years, compounded annually

b. 12% per year, for 5 years, compounded semiannually

c. 12% per year, for 5 years, compounded quarterly

d. 12% per year, for 5 years, compounded monthly

Exercises 18 through 26 involve calculations of present and future value for single payments and for annuities. To make the exercises more realistic, we do not give specific guidance with each individual exercise.

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