OGE evaluated sealed bids on three financing packages for the construction of the new power plant facility located at the intersection of Broadway and Houston St. The first bid was from HE Capital bank, followed by Capital One Bank with the second bid. The third bid was from NE Bank . Each institution claims their rates were the best available for the construction project.

Answer the three questions based on the information below. Assume 52 weeks per year, and 365 days per year

HE Capital Bank, Bid #1: 10% per year, compounded quarterly

Capital One Bank, Bid #2: 2.5% per quarter, compounded weekly

NE Bank, Bid #3: 0.90% per month, compounded daily

1. Calculate the effective annual interest rate for Bid #1
2. Calculate the effective annual interest rate for Bid #2
3. Calculate the effective annual interest rate for Bid #3

Please show work