a. What is the effective semiannual interest rate for each investment? b. What is the effective annual interest rate for each investment? a. The effective semiannual interest rate for the first investment is percent. (Type an integer or decimal rounded to two decimal places as needed.) The effective semiannual interest rate for the second investment is percent. (Type an integer or decimal rounded to two decimal places as needed.) b. The effective annual interest rate for the first investment is percent. (Type an integer or decimal rounded to two decimal places as needed.) The effective annual interest rate for the second investment is percent. (Type an integer or decimal rounded to two decimal places as needed.) c. When the comparison is based on the effective six-month rate, the investment is the preferred choice because it has a effective interest rate. When the comparison is based on the effective one-year rate, the investment is the preferred choice because it has a effective interest rate