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What is the effective interest rate on a 1-year, $1,000 investment that pays 12% interest compounded quarterly (round 2 decimal places)? A. 12% B. 12.55%

What is the effective interest rate on a 1-year, $1,000 investment that pays 12% interest

compounded quarterly (round 2 decimal places)?

A. 12%

B. 12.55%

C. 12.36%

D. 13%

E. None of the above

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