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Problem 5-56 Effective Interest Rate (L04) First National Bank pays 70% interest compounded semiannually. Second National Bank pays 6% interest compounded monthly a. Calculate the

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Problem 5-56 Effective Interest Rate (L04) First National Bank pays 70% interest compounded semiannually. Second National Bank pays 6% interest compounded monthly a. Calculate the effective annual rate for each bank (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) Effective Annual Rate First National Bank Second National Bank b. Which bank offers the higher effective annual interest rate? First National Bank Second National Bank

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