TD Bank has a fixed deposit account where you make a single deposit of $25,000 now for 4 years, interest computed at 16% per year, and compounded quarterly. Bank of LI also has a similar 4 year fixed deposit account where you can deposit $25,000 at 16.4% per year, and compounded semi-annually. Which of these two is a better investment scheme? Answer the question by
a) finding out the future value in each of the two cases
b) finding out the effective annual rate in each of the two cases