Your grandfather asks for your help in choosing a certificate of deposit (CD) from a bank with a one-year maturity and a fixed interest rate. The first certificate of deposit, CD #1, pays 4.95 percent APR compounded quarterly, while the second certificate of deposit, CD #2, pays 5.00 percent APR compounded semiannually. What is the effective annual rate (the EAR) of each CD, and which CD do you recommend to your grandfather? If the first certificate of deposit, CD #1, pays 4.95 percent APR compounded quarterly, the EAR for the deposit is ___%. (Round to two decimal places.)