Which of the following statements concerning the effective annual rate are correct? (can be more than 1)

I. When making financial decisions, you should compare annual percentage rates rather thaneffective annual rates .

II. The more frequently interest is compounded, the higher the effective annual rate given a fixed annual percentage rate.

III. A quoted rate of 6 percent compoundedmonthly has a higher effective annual rate than if the rate were compounded daily.

IV.When choosing a savings account, you should select the offer with the highest effective annual rate.