Related to Checkpoint 5.7) (Calculating an EAR) After examining the various personal loan rates available to you, you find that you can borrow funds from a finance company at 11 percent compounded semiannually or from a bank at 12 percent compounded daily. Which alternative is more attractive? If you can borrow funds from a finance company at 11 percent compounded semiannually, the EAR for the loan is %. (Round to two decimal places.)