Homework: Chapter 5 Homework Save 11 of 11 (8 complete) Score: 0 of 1 pt P5-37 (similar to (Related to Checkpoint 5.7 HW Score: 72.73%, 8 of 11 pts Question Help * Calculating an EAR) Your grandmother as s or your help n choosing a certificate o deposit CD from a bank with a one-year maturity and a fixed interest rate The rst certificate o deposit CD #1. pays 195 percent APR compounded monthly while the second certificate or dep si CD #2 pays 2.00 percent APR compounded quarter y What s e e ective annual rate e EAR of each CD, and hi CD do you recommend to your grandmother? irthe first certificate of deposit. CD #1, pays 1.95 percent APR compounded monthly, the EAR for the deposit is O96. (Round to two decimal places.) Enter your answer in the answer box and then click Check