Determine the effective annual yield for each investment. Then select the better investment.
3.08% compounded monthly; 3.09% compounded annually
Select the correct choice below and fill in the answer boxes within your choice. (Round to the nearest hundredth as needed.)
A. The first investment, 3.08% compounded monthly, is the better investment because the effective annual yield for the first investment is ___ % and the effective annual yield for a 3.09% compounded annually investment is ___%.