Suppose for its deposit accounts Simplii Financial is offering to pay interest at a rate of 0.4% per month with monthlycompounding, but Tangerine is offering to pay interest at a rate of 1.2% per quarter with quarterly compounding.(One quarter is equal to threemonths.) Which financial institution is offering the higherrate?

The higher rate is being offered by ?

because the effective annual rate of Simplii Financial is __

and the effective annual rate of Tangerine is ___

.

(Round to six decimalplaces.)