Compounded monthly: \(n = 12, b = 1 + 0.12 / 12 = 1.01\), and \(( 1.01 )^{12} = 1.1268\), so the equivalent amount of simple interest is \(12.68\%\).
Compounded daily: \(n = 365, b = 1 + 0.12 / 365 = 1.0003287671233\), and \(( 1.0003287671233 )^{365} = 1.1275\), so the equivalent amount of simple interest is \(12.75\%\).