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What is the effective interest rate per payment period for an interest rate of 12% compounded monthly when the payment is quarterly? Select one:

What is the effective interest rate per payment period for an interest rate of 12% compounded monthly when the payment is quarterly? Select one: O a. 0.5 b. 0.03 C. 0.06 O d. 0.12 O e. 0.4 Clear my choice

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