$1.$ Karen has an amount of R $2000000\mathrm{.}00$ that she wants to invest for a five$-$year term in a fixed interest rate investment. She can invest the amount in a term deposit with ABC Bank Ltd$.$ It is for a term of $5$ years and interest accrues quarterly. The nominal rate of interest is $11\mathrm{.}5\%.$

The effective rate of interest is:

$11\mathrm{.}73\%$

$11\mathrm{.}58\%$

$12\mathrm{.}01\%$

$13\mathrm{.}24\%$

None of the above