finanicial mangment please

Question 1 Your bank account pays an 8% nominal rate of interest. The interest is compounded quarterly Which of the following statements is CORRECT? The periodic rate of interest is 2% and the effective rate of interest is greater than 8%. The periodic rate of interest is 4% and the effective rate of interest is less than 8% The periodic rate of interest is 8% and the effective rate of interest is greater than 8%. The periodic rate of interest is 2% and the effective rate of interest is 4%