In 2014, Bank A paid 1% interest, compounded daily, on a 7-year CD, while the Bank B paid 1% compounded quarterly. a. What are the effective rates for the two CDs? Use a 365-day year. b. Suppose $5000 was invested in each of these accounts. Find the compound amount after seven years for each account. a. The effective rate for Bank As %. (Type an integer or decimal rounded to three decimal places as needed.) The effective rate for Bank Bis%. (Type an integer or decimal rounded to three decimal places as needed.) b. For Bank A, the compound amount after seven years is $ (Do not round until the final answer. Then round to the nearest cent as needed.) For Bank B, the compound amount after seven years is $ (Do not round until the final answer. Then round to the nearest cent as needed.)