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Your bank account pays a 6% nominal rate of interest. The
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Your bank account pays a 6% nominal rate of interest. The interest is compounded quarterly. Which of the following statements is CORRECT? A. The periodic rate of interest is 1.5% and the effective rate of interest is 3%. B. The periodic rate of interest is 6% and the effective rate of interest is greater than 6%. C. The periodic rate of interest is 1.5% and the effective rate of interest is greater than 6%. D. The periodic rate of interest is 3% and the effective rate of interest is 6%. E.The periodic rate of interest is 6% and the effective rate of interest is also 6%.
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