An investor has the opportunity to make an investment that will provide an effective annual yield of $11\mathrm{.}5$ percent. She is considering two other investments of equal risk that will provide compound interest monthly and quarterly, respectively.

Required:

a$.$ What must be the equivalent nominal annual rate $($ENAR$)$ for an investment that will provide compound interest monthly to ensure that an equivalent annual yield of $11\mathrm{.}5$ percent is earned?

b$.$ What must be the equivalent nominal annual rate $($ENAR$)$ for an investment that will provide compound interest quarterly to ensure that an equivalent annual yield of $11\mathrm{.}5$ percent is earned?

Note: For all requirements, do not round intermediate calculations and enter your answers as a percent rounded to $2$ decimal places.