In 2014, Bank A paid 3% interest, compounded daily on a 4-CD, while the Bank B paid 3% compounded quarterly.

a) What are the effective rates for the two Cds? Use a 365-day year.

b)Suppose $1000 was invested in each of these accounts. Find the compound amount after four years for each account.

In 2014, Bank A paid 3% interest, compounded daily, on a 4-year CD, while the Bank B paid 3% compounded quarterly. a. What are the effective rates for the two CDs? Use a 365-day year. b. Suppose $1000 was invested in each of these accounts. Find the compound amount after four years for each account. a. The effective rate for Bank Ais %. (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 four years is $0 (Do not round until the final answer. Then round to the nearest cent as needed.) For Bank B, the compound amount after four years is $ (Do not round until the final answer. Then round to the nearest cent as needed.) Enter your answer in each of the answer boxes