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Question 6 (4 points) Your bank account pays a 12% annual percentage rate. The interest is compounded quarterly. Which of the following statements is correct?

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Question 6 (4 points) Your bank account pays a 12% annual percentage rate. 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 also 3%. The periodic rate of interest is 12% and the effective rate of interest is greater than 36% The periodic rate of interest is 3% and the effective rate of interest is 12%. The periodic rate of interest is 3% and the effective rate of interest is greater than 12%. The periodic rate of interest is 36% and the effective rate of interest is greater than 36% Previous Page Next Page Page 6 of 9 Submit Quiz 2 of 9 questions saved MacBook Air FO 000 F7 F8 00 F3 A # $ % & 7 8 9

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