$($Related to Checkpoint $5\mathrm{.}7)($Calculating an EAR$)$ Based on effective interest rates, would you prefer to deposit your money into Springfield National Bank, which pays $7\mathrm{.}5$ percent interest

compounded daily, or into Burns National Bank, which pays $7\mathrm{.}3$ percent compounded weekly? $($Hint: Calculate the EAR on each account.$)$

If Springfield National Bank pays $7\mathrm{.}5$ percent interest compounded daily, the EAR for the deposit is

$\%.($Round to two decimal places.$)$

If Burns National Bank pays $7\mathrm{.}3$ percent interest compounded weekly, the EAR for the deposit is

$\%.($Round to two decimal places.$)$

Based on the findings above, which alternative is more attractive? $($Select the best choice below.$)$

A$.$ The deposit into Burns National Bank that pays $7\mathrm{.}3\%$ compounded weekly

B$.$ The deposit into Springfield National Bank that pays $7\mathrm{.}5\%$ compounded daily