Calculate effective annual interest rate (EAR) for the following investments.

A bank CD that pays 8.39 percent compounded quarterly. (Round answer to 2 decimal places, e.g. 15.25%.) Effective annual rate %

A bank CD that pays 8.39 percent compounded monthly. (Round answer to 2 decimal places, e.g. 15.25%.) Effective annual rate %

A bank CD that pays 8.59 percent compounded annually. (Round answer to 2 decimal places, e.g. 15.25%.) Effective annual rate %

A bank CD that pays 8.39 percent compounded semiannually. (Round answer to 2 decimal places, e.g. 15.25%.) Effective annual rate %

A bank CD that pays 8.14 percent compounded daily (on a 365-day per year basis). (Round answer to 2 decimal places, e.g. 15.25%.) Effective annual rate %

Which of the above investments has the highest effective annual interest rate (EAR)? Investment that pays has the highest EAR.