QuestionWhich of the two annual interest rates would yield the larger amount in 1 year? $12 \%$ compounded monthly or $12 \frac{1}{2} \%$ compounded annually
Select the correct choice and fill in the answer box to complete your choice. (Do not round until the final answer. Then round to three decimal places as needed.) A. The effective interest rate for $12 \%$ compounded monthly is $\square$ $\%$ which would yield the larger amount in 1 year. B. The effective interest rate for $12 \frac{1}{2} \%$ compounded annually is $\square$ \% which would yield the larger amount in 1 year.