3) You are working at Arab Bank. One of your clients is confused about two terms on some certificate of deposit rates quoted at your bank. You explain that the stated annual interest rate is an annual rate that does not take into account compounding within a year. The rate the bank calls APY (annual percentage yield) is the effective annual rate taking into account compounding. The bank's customer service representative mentioned monthly compounding, with $1,000 becoming $1,061.68 at the end of a year. To prepare to explain the terms to your client, calculate the stated annual interest rate that the bank must be quoting (2pts)