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Question 9 (3 points) Your bank account pays a 12% annual percentage rate. The interest is compounded quarterly. Which of the following statements is correct?

Question 9 (3 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 greater than 12%. 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 36% 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%

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