You receive a credit card application from the bank offering a rate of 18.2%, compounded monthly. A competing credit card company offers you a rate of 18.3%, compounded quarterly. The local credit union offers a credit card with a rate of 19.2%, compounded annually. Which credit card is offering you the best rate?

a) There is no way to tell which is offering the best rate without more information.

b) The credit union.

c) The bank.

d) The competing credit card company.

e) The bank and credit union are offering the same rate.