Eden is considering an investment of $250,000. The investment will pay 6.0% interest, compounded monthly. What is the nominal annual interest rate and the effective annual interest rate for this investment?

a) The nominal annual interest rate is 6.0%; the effective annual interest rate is 0.50%.

b) The nominal annual interest rate is 6.17%; the effective annual interest rate is 6.0%.

c) The nominal annual interest rate is 6.0%; the effective annual interest rate is 6.17%.

d) The nominal annual interest rate is 0.50%; the effective annual interest rate is 6.17%.