P5-38 (similar to) Question Help (Related to Checkpoint 5.7) (Calculating an EAR) Based on effective interest rates, would you prefer to deposit your money into Springfield National Bank, which pays 6.5 percent interest compounded daily, or into Burns National Bank, which pays 6.3 percent compounded annually? (Hint: Calculate the EAR on each account.) If Springfield National Bank pays 6.5 percent interest compounded daily, the EAR for the deposit is %. (Round to two decimal places.)