Question If) out of 10 points 1Which of the following statements concerning the effective annual rate are correct? {I} When making nancial decisions, you should compare eecriye annual rates rather than annual percentage rates. (II) The more frequently interest is compounded, the higher the effective annual rate. {11]} A quoted rate of 5% compounded continuously has a higher effective annual rate than if the rate were compounded daily. {W} When borrowing and choosing which loan to accept, you should select the offer with the highest effective annual rate. Selected