Problem 5-10 Question Help Suppose for its deposit accounts Simpli Financial is offering to pay interest at a rate of 0 2% per month with monthly compounding, but Tangerine is offering to pay interest at a rate of 0.6% per quarter with quarterly compounding (One quarter is equal to three months) Which financial institution is offering the higher rate? The higher rate is being offered by Simpli Financial because the effective annual rate of Simpli Financial in decimal form is and the effective annual rate of Tangerine in decimal form is (Round to six decimal places) Enter your answer in the edit fields and then click Check Answer All parts showing Clear Al Check