Answer the question

Determine the effective annual yield for each investment. Then select the better investment. 3.06% compounded monthly; 3.07% compounded annually i Click the icon to view some finance formulas. Select the correct choice below and fill in the answer boxes within your choice. (Round to the nearest hundredth as needed.) O A. The first investment, 3.06% compounded monthly, is the better investment because the effective annual yield for the first investment is % and the effective annual yield for the second investment is %. O B. The second investment, 3.07% compounded annually, is the better investment because the effective annual yield for the first investment is % and the effective annual yield for the second investment is %