$($a$)$ Compute the effective interest rate corresponding to a nominal interest rate of $7\%$ compounded quarterly.

Effective interest rate, as a percent, rounded to $4$ decimal places $=$

$\%\%$

$($b$)$ Compute the effective interest rate corresponding to a nominal interest rate of $6\mathrm{.}93\%$ compounded monthly.

Effective interest rate, as a percent, rounded to $4$ decimal places $=$

$($c$)$ Select the investment that offers the better return.

$7\%$ compounded quarterly

$6\mathrm{.}93\%$ compounded monthly