You want to borrow $$2000$ from a bank for two years. You get quotes from $3$ banks $($listed

below$).$ For each bank, calculate the effective annual rate associated with that bank$$s stated

annual rate? Please show the effective annual rate as a decimal, showing $6$ places past the

decimal point $($i$.$e$.,$ show $\mathrm{.}061234$ for $6\mathrm{.}1234$ percent$).$

a$.$ Third Fifth Bank quotes a stated annual rate of $6$ percent compounded monthly. What is the

effective annual rate associated with that stated rate?

b$.$ PCN Bank quotes a stated annual rate of $6$ percent compounded daily.

c$.$ Ohio Infidelity Distrust Bank quotes a stated rate of $6\mathrm{.}05$ percent compounded every six

months.

d$.$ From which bank do you want to borrow? That is$,$ which bank is quoting the lowest actual cost to you?