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Your bank account pays a 12% nominal rate of interest. The interest is compounded monthly. Which of the following statements is CORRECT? The periodic rate

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Your bank account pays a 12% nominal rate of interest. The interest is compounded monthly. Which of the following statements is CORRECT? The periodic rate of interest is 12% and the effective annual rate of interest is greater than 12%. The periodic rate of interest is 1% and the effective annual rate of interest is greater than 12%. The periodic rate of interest is 12% and the effective annual rate of interest is also 12%. The periodic rate of interest is 1% and the effective annual rate of interest is 12%. The periodic rate of interest is 1% and the effective annual rate of interest is less than 12%

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