Andrew has money to invest in interest earning deposits. He has determined that suitable deposits are available for: 5.50% compounded semi-annually, 5.60% compounded annually, and 5.48% compounded quarterly. Determine the effective rate for each option to 2 decimal places. The effective rate for 5.50% compounded semi-annually = A The effective rate for 5.60% compounded annually = The effective rate for 5.48% compounded quarterly = A For Andrew to maximize his investments, which effective rate should he choose? Page 14 of 14