Max and June both put $$100$ in certificates of deposit $($CDs$).$ Both CDs mature in five years. Max's CD has an APR of $3\mathrm{.}85$ percent, and interest is compounded monthly. June's CD has an EAR of $3\mathrm{.}85$ percent, and interest is compounded daily. Will Max or June have more money at the end of the five years? Why?

June will have more money, because she earns a lower EAR.

June will have more money, because she earns the higher EAR.

Max will have more money, because he earns a lower EAR.

Max will have more money, because he earns the higher EAR.