Question: Can you please solve the question using both Excel functions and by hand? First National Bank pays 6.9% interest compounded semiannually. Second National Bank pays

Can you please solve the question using both Excel functions and by hand?

First National Bank pays 6.9% interest compounded semiannually. Second National Bank pays 6% interest compounded monthly. a. Calculate the effective annual rate for each bank. Note: Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places. b. Which bank offers the higher effective annual interest rate? First National Bank Second National Bank

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