If the effective annual rate (EAR or EFF%) is 12.78%, what is the nominal annual rate (NAR) assuming quarterly compounding? Use the following formula: EFF% = [(1 + (INOM/M))M - 1] where M is the number of time periods per year and INOM is the NAR in a decimal. 11.45% 10.56% O 12.21% 10.31%