Save 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 0.055%, a weekly compounded rate of 0.265%, a monthly compounded rate of 1.25%, a quarterly compounded rater of 3.50%, a semiannually compounded rate of 8.5%, or an annually compounded rate of 16%? What is the effective annual rate (EAR) of a daily compounded rate of 0.055%? % (Round to two decimal places.)