Problem $5-56$ Effective Interest Rate $($LO$4)$

First National Bank pays $6\mathrm{.}8\%$ 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