Question: Answer the question in the attachment and clearly show your work and reasoning. 56. Effective Interest Rate. First National Bank pays 6.2% interest compounded semiannually.

Answer the question in the attachment and clearly show your work and reasoning.

56. Effective Interest Rate. First National Bank pays 6.2% interest compounded semiannually. Second National Bank pays 6% interest compounded monthly. Which bank offers the higher effective annual interest rate? (LO5-4)

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