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Suppose you can borrow money at 13.54% per year (APR) compounded semiannually or 15.63% per year (APR) compounded monthly. a. Calculate the Effective Annual Rate.

Suppose you can borrow money at 13.54% per year (APR) compounded semiannually or 15.63% per year (APR) compounded monthly. a. Calculate the Effective Annual Rate. (Do not round intermediate calculations. Round your answers to 2 decimal places.) 13.54% 15.63% Effective Annual Rate % % b. Which is the better deal? O APR compounded monthly O APR compounded semiannually

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