Your grandmother asks for your help in choosing a certificate of deposit_ (CD) from a bank…

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
percent APR compounded quarterly_, while the second certificate of_
deposit, CD_ #2, pays 6.00 percent APR compounded annually. What is
the effective annual rate_ (the EAR) of each_ CD, and which CD do
you recommend to your_ grandmother?
If the first certificate of_ deposit, CD_ #1, pays 5.95 percent
APR compounded quarterly_, the EAR for the deposit is
______%_(Round to two decimal_ places.)