Bank A advertises a money market account that pays $1\mathrm{.}6\%$ compounded quarterly. Bank B advertises a money market account that pays $1\mathrm{.}5\%$ compounded daily.

$$a$)$ Determine the annual percentage yield for bank$$ A$\text{'}$s money market account.

$$b$)$ Determine the annual percentage yield for bank$$ B$\text{'}$s money market account.

$$c$)$ Assuming all other factors are$$ equal, which$$ bank's money market account would be the better$$ investment?

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Part $1$

$$a$)$ The annual percentage yield for the bank A money market account is

$$

enter your response here$\%.$

$($Round to two decimal places as$$ needed.$)$

Part $2$

$$b$)$ The annual percentage yield for the bank B money market account is

$$

enter your response here$\%.$

$($Round to two decimal places as$$ needed.$)$

Part $3$

$$c$)$ Which $$bank$\text{'}$s money market account would be the better$$ investment? Choose the correct answer below.

A$.$

Bank Upper AA$\text{'}$s money market account is the better investment because the annual percentage yield from bank Upper AA is less than the annual percentage yield from bank Upper BB$.$

B$.$

Bank Upper BB$\text{'}$s money market account is the better investment because the annual percentage yield from bank Upper BB is less than the annual percentage yield from bank Upper AA$.$

C$.$

Bank Upper BB$\text{'}$s money market account is the better investment because the annual percentage yield from bank Upper BB is greater than the annual percentage yield from bank Upper AA$.$

D$.$

Bank Upper AA$\text{'}$s money market account is the better investment because the annual percentage yield from bank Upper AA is greater than the annual percentage yield from bank Upper BB$.$

E$.$

Either bank is a good investment because the annual percentage yield from bank A is the same as the annual percentage yield from bank B$.$