Which of the following statements concerning the effective annual rate are correct?

I. When making financial decisions, you should compare annual percentage rates rather than effective 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 compounded monthly 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.