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First National Bank pays 5.6% interest compounded semiannually. Second National Bank pays 6% interest, compounded monthly a. Calculate the future value for each dollar invested

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First National Bank pays 5.6% interest compounded semiannually. Second National Bank pays 6% interest, compounded monthly a. Calculate the future value for each dollar invested in First National (Assume you invest $1). (Do not round intermediate calculations. Round your answer to 5 decimal places.) Future value ses b. Calculate the future value for each dollar invested in Second National (Assume you invest $1). (Do not round intermediate calculations. Round your answer to 5 decimal places.) Future value $ c. Which bank offers the higher effective annual rate? First National Bank Second National Bank

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