Periodic interest rates.You have a savings account in which you leave the funds for one year without adding to or withdrawing from the account. Which would you rather have: a daily compounded rate of 0.055%, a weekly compounded rate of 0.285%, a monthly compounded rate of 1.15%, a quarterly compounded rater of 4.50%, a semiannually compounded rate of 8.5%, or an annually compounded rate of 14%?

What is the effective annual rate (EAR) of a daily compounded rate of 0.055%?