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Your bank account pays a 6% nominal rate of interest. The interest is compounded quarterly. Which of the following statements is CORRECT? The periodic rate of interest is 3% and the effective rate of interest is 6%. The periodic rate of interest is 6% and the effective rate of interest is also 6%. The periodic rate of interest is 6% and the effective rate of interest is greater than 6% The periodic tale of interest is 1.5% and the effective rate of interest is 395 The periodic rate of interest is 1.5% and the effective rate of interest is greater than 696