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An online bank is offering to pay 0.30% interest per month on deposits. Your local bank offers to pay 0.80% interest quarterly (every 3 months).

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An online bank is offering to pay 0.30% interest per month on deposits. Your local bank offers to pay 0.80% interest quarterly (every 3 months). Which is the higher interest rate? .. The EAR for the online bank is 6 %. (Round to four decimal places.) The EAR for the local bank is %. (Round to four decimal places.) The offer of is higher. (Select the best answer from the drop down menus.)

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