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 0.040%, a weekly compounded rate of 0.285%, a monthly compounded rate of .35%, a quarterly compounded rater of 4.00%, a semiannually compounded rate of 7.5%, or an annually compounded rate of 14%? What is the effective annual rate (EAR) of a daily compounded rate of 0.040%?

(Round to two decimal places.)