Question: A credit union pays 4.65% compounded annually on five-year compound-interest GICs. It wants to set the rates on its semiannually and monthly compounded GICs of

A credit union pays 4.65% compounded annually on five-year compound-interest GICs. It wants to set the rates on its semiannually and monthly compounded GICs of the same maturity so that investors will earn the same total interest. What should the rates be on the GICs with the higher compounding frequencies?(Do not round intermediate calculations and round your final answers to 2 decimal places.)

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