Suppose for its deposit accounts Simplii Financial is offering to pay interest at a rate of 0.4% per month with monthly compounding, but Tangerine is offering to pay interest at a rate of 1.2% 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 because the effective annual rate of Simplii Financial in decimal form is and the effective annual rate of Tangerine in decimal form is (Round to six decimal places.)