You want to purchase a car. Thus, you are looking at various options to finance the purchase. Your two best options is Option $1$ a loan at $7\mathrm{.}25\%($annual rate$)$ interest compounded semi$-$ annually. Or a $0\mathrm{.}02\%$ daily rate. Evaluate each loan structure and determine the Effective annual Rate of each loan to determine what is the better deal.

Can you Show how to solve this using the $=$Effect Function in Excel