Your bank account pays an 8% nominal rate of interest. The interest is compounded quarterly. Which of the following statements is CORRECT?

	a.	The periodic rate of interest is 4% and the effective rate of interest is less than 8%.
	b.	The periodic rate of interest is 2% and the effective rate of interest is 4%.
	c.	The periodic rate of interest is 2% and the effective rate of interest is greater than 8%.
	d.	The periodic rate of interest is 8% and the effective rate of interest is also 8%.
	e.	The periodic rate of interest is 8% and the effective rate of interest is greater than 8%.