In order to open up your new business, you need to take out a loan. First Bank charges 6% compounded quarterly, and Second Bank charges 6.5% compounded semi-annually. What is the effective interest rate at First Bank? Enter your answer as a percent to two decimal places (e.g. 12.34 instead of 0.1234) in order to open up your new business, you need to take out a loan. First Bank charges 6% compounded quarterly, and Second Bank charges 6.5% compounded semi-annually. What is the effective interest rate at Second Bank? Enter your answer as a percent to two decimal places (eg. 12 34 instead of 0.1234)