Your bank account pays a 12 percent nominal rate of interest. The interest is compounded quarterly. Which of the following statements is most correct?

	A.	The periodic rate of interest is 4 percent and the effective rate of interest is greater than 12 percent.
	B.	The periodic rate of interest is 3 percent and the effective rate of interest is 12 percent.
	C.	The periodic rate of interest is 3 percent and the effective rate of interest is greater than 12 percent.
	D.	The periodic rate of interest is 12 percent and the effective rate of interest is greater than 12 percent.
	E.	The periodic rate of interest is 6 percent and the effective rate of interest is 12 percent.