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Suppose you can borrow money at 9.40% per year (APR) compounded semiannually or 8.64% per year (APR) compounded monthly. a. Calculate the effective annual rates.

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Suppose you can borrow money at 9.40% per year (APR) compounded semiannually or 8.64% per year (APR) compounded monthly. a. Calculate the effective annual rates. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) APR Effective Annual Rates 9.40% 8.64% | % b. Which is the better deal? 8.64% per year (APR) compounded monthly. 09.40% per year (APR) compounded semiannually

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