You took out a loan with an effective annual interest rate of 11 percent.What is the equivalent quarterly (3 month) interest rate on this loan?

Note: I don't want the APR, I want the EPR (theactual 3-month interest rate).

A) 2.64%

B) 3.17%

C) 2.11%

D) 10.57%

E) 11.46%