3. Chapter MC, Section 05, Problem 044 Your bank account pays an 8% nominal rate of interest. The interest is compounded quarterly. Which of the following statements is CORRECT? Oa. The periodic rate of interest is 2% and the effective rate of interest is greater than 8%. Ob. The periodic rate of interest is 8% and the effective rate of interest is greater than 8%. OC. The periodic rate of interest is 4% and the effective rate of interest is less than 3%. Od. The periodic rate of interest is 8% and the effective rate of interest is also 8%. Oe. The periodic rate of interest is 2% and the effective rate of interest is 4%