Your savings account currently pays 12% (APR, monthly compounded). Your neighborhood bank offers you a savings account with quarterly compounding. What APR, quarterly compounded would they need to offer you that would make you indifferent between keeping your money in your current savings account or bringing your money to your neighborhood bank? In other words, what is the APR, quarterly compounded that is equivalent to an APR of 12%, monthly compounded?

a) 12.00%

b) 12.12%

c) 12.68%

d) 11.98%

e) 11.68%

please show work and formulas!