First National Bank pays $6\mathrm{.}1\%$ interest compounded semiannually. Second National Bank pays $6\%$ interest compounded monthly.

a$.$ Calculate the effective annual rate for each bank. $($Do not round intermediate calculations. Enter your answers as a percent rounded to $2$ decimal places.$)$

b$.$ Which bank offers the higher effective annual interest rate?

multiple choice

First National Bank

Second National Bank

You believe you will need to have saved $$510,000$ by the time you retire in $30$ years in order to live comfortably. If the interest rate is $7\%$ per year, how much must you save each year to meet your retirement goal? $($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$