Question: I am having trouble with this equation. I keep getting the wrong answer. I got the first part correct but I only have one more

I am having trouble with this equation. I keep getting the wrong answer.

I got the first part correct but I only have one more try to get the second part correct for credit.

Your grandmother asks for your help in choosing a certificate of deposit (CD) from a bank with a one-year maturity and a fixed interest rate. The first certificate of deposit, CD #1, pays 5.95

5.95 percent APR compounded annually

annually, while the second certificate of deposit, CD #2, pays 6.00

6.00 percent APR compounded monthly

monthly. What is the effective annual rate (the EAR) of each CD, and which CD do you recommend to your grandmother?

If the second certificate of deposit, CD #2, pays 6.00

6.00 percent APR compounded monthly

monthly, the EAR for the deposit is

(what) %. (Round to two decimal places.)

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