Paula is reading the fine print on the various loans as she wants to know which bank has the highest effective interest rate. Below are the posted rates (or nominal interest rates). (Keep to 2 decimal places) The Scotia Bank's posted interest rate of 6.60% (with the fine print reading compounding semi-annually, 2 times a year) CIBC's posted interest rate of 6.55% (with the fine print reading compounding weekly at 52 weeks). The Bank of Montreal's posted interest rate of 6.50% (with the fine print reading compounding daily at 365 days). The Royal Bank of Canada's posted interest rate of 6.58% (with the fine print reading compounding monthly at 12 months). O The Royal Bank of Canada's effective rate is higher. Bank of Montreal's effective rate is higher. O O O CIBC's effective rate is higher. All four effective rates are equivalent. Scotia Bank's effective rate is higher