A certificate of deposit (CD) is an agreement between a bank and a saver in which the bank guarantees an interest rate and the saver commits to leaving his or her deposit in the account for an agreed-upon period of time.First National Bank offers two-year CDs at 9.13% compounded daily, and Citywide Savings offers two-year CDs at 9.14% compounded quarterly. Compute the annual yield for each institution. (Round your answers to two decimal places.)
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