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First National Bank pays 6.2% interest compounded semiannually. Second National Bank pays 6% interest compounded monthly. a. Calculate the effective annual rate for each bank.

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First National Bank pays 6.2% interest compounded semiannually. Second National Bank pays 6% interest compounded monthly. a. Calculate the effective annual rate for each bank. Note: Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places. Effective Annual Rate First National Bank % Second National Bank % b. Which bank offers the higher effective annual interest rate? First National Bank Second National Bank

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