% (CHAPTER 6) You would like to take a loan for a new car purchase. You stopped by two different banks, Bank #1 and Bank #2, to compare the car loan rates. Bank #1 charges 5% per year, compounded daily. Bank #2 charges 6% per year, compounded quarterly. The effective annual rates for the two banks are: (Increase decimal places for any intermediate calculations, from the default 2 to 6 or higher. Only round your final answer to TWO decimal places: for example, 1.23) USED CAR Bank #1: % Bank #2: % And so you will take a car loan from Bank # V. This is because this Bank has... (Choose the number from the list As a potential depositor (and assuming the interest rates on deposits are the same as on loans), you would deposit your money into Bank # below that corresponds to your answer.) 1...higher quoted annual rate 2...higher frequency of interest compounding per year 3...higher effective annual rate 4 ...lower quoted annual rate 5 ...lower frequency of interest compounding per year 6 ...lower effective annual rate